Payroll tax issues can cause you to lose your business and depending on how your business is set up, you can lose your personal assets too.
The IRS is focusing on increased tax compliance efforts on small business across the nation. The best measure to combat the possibility of a business payroll tax issue is prevention. iBusinessSolutions payroll services include payroll taxes, payroll laws, employee deductions and so much more. Click here for a free consolutation on our full line of payroll services.
Payroll Tax Problems you need to be aware of
1. Small Businesses Likely IRS Target of Increased Tax Compliance Enforcement
The amount of uncollected taxes small business provides is a large source of income for the IRS. Typically in times of economic troubles the IRS will become more strict with compliance of even the meager laws. Are you up to date on your payroll tax laws?
2. IRS collection of past due payroll taxes can cause you to lose your business.
Payroll tax debt promotes fiscal well being for our Government and because of which the IRS gives its Revenue Officers incredible powers and authority to collect. They can shut down your business, seize your property or even levy your bank accounts.
3. Payroll tax penalties can add up quickly and generate huge tax debt
Filing your 940 or 941’s on time is only part of the equation. The interest on taxes and penalties and fees can cause your tax obligation to compound quickly. We have found that often business owners who handle their own payroll will typically use the money required for payroll taxes for other things to manage their business. iBusinessSolutions can consult with you on the best payroll deduction practices and develop a custome plan to meet your needs within minutes! Get your quick payroll tax consultation here.
4. Not filing or paying your payroll taxes can be considered a federal crime.
The IRS can and will consider a non filing as a federal crime and your case to the Criminal Investigation Division or to the Department of Justice. Handling your payroll taxes alone are not worth the potential negative outcome.
5. Borrowing from payroll taxes is against the law.
Operating a business is difficult and expensive and sometimes unexpected things will arise that require “rob Peter to pay Paul.” Payroll taxes should never be a consideration. You need a plan and iBusinessSolutions can help.
6. The IRS can hold you, the business owner, personally responsible for unpaid payroll taxes.
The IRS can access what is called the Trust Fund Recovery Penalty (TFRP) against owners and shareholders.
7. What can you do to prevent payroll tax issues?
Prevention is the key. Don’t put your future in jeopardy by rolling the IRS dice. Collection efforts are increasing and you need a custom plan to meet your specific needs. For more on Payroll Taxes please click here or call iBusinessSolutions directly at 888-949-4249