Business owners are likely targets of IRS payroll tax collection efforts. The IRS requires employers to pay payroll taxes as employee salaries are paid. In addition to a fixed tax on each employee according to salary, there is amount that the employer is required to withhold from employee wages and forwarded to the IRS.
Payroll taxes include Medicare taxes, social security taxes, and FICA, which are required to be sent to the government by each and every employer.
The IRS treats failure to pay payroll taxes as one of the most serious tax offenses. The consequences of failures to comply include costly tax penalties and interest. This frequently results in huge tax debt, causing financial instability and threatening the survival of the company. Mounting tax debts will result in the IRS resorting to aggressive collection strategies, including sending a notice of closure to the company. Criminal prosecution is also a possibility.
Applying for tax relief such as an offer in compromise, penalty abatement, or something similar is difficult because the IRS can deem your establishment worth more than the tax liability. In simple words, negotiations for compromises are almost always unsuccessful, and the IRS has no qualms about closing down your company.
When your business, employee wages, and multiple livelihoods are at stake, you simply cannot afford to represent yourself in front of the IRS. A certified and experienced tax professional knows exactly how to deal with the IRS.
If you are currently experiencing payroll tax problems, your best course of action is to contact Long Island Tax Resolution Services. Our highly qualified and certified tax experts will help settle your payroll tax debts with the IRS in the least troublesome manner for your company. We will diligently work to reach a settlement with the IRS, ensuring that your company continues operating.