Being late on your income tax is one thing. Payroll taxes are an entirely different story, however.

Although I may not want to hear it, I’ve had so many new clients tell me they haven’t filed income tax returns for years and have finally decided it’s time to get right with the IRS.

Which is commendable… the “getting right” part.

Not paying your taxes for years? I don’t recommend that. First, you can get caught at any time, and, second, interest and penalties will continue racking up as time goes on).

But I digress…

What’s up with Payroll Taxes?

The IRS takes the payment of payroll tax very, very seriously.

You can tell by their penalty system… penalties for failure to file, failure to deposit and failure to pay are assessed per occurrence. That means each time you didn’t file or pay for each employee.

The IRS has no qualms about shutting you down for not paying payroll taxes.

If you are wondering why this is, ask yourself if it could be because you are messing with your employee’s tax situation? That you are entrusted with a sacred duty to withhold those taxes and pay them on time? That it is actually the employee’s money that you are holding in trust?

Yes, absolutely… to all three.

Think of it this way: You are withholding taxes from your employees’ wages, so it’s money that they owe the government. When you don’t do your duty to pass them along, you are basically stealing it.

The important thing is to know is that they will come down on you swiftly and hard.

What Can the IRS do if I Don’t Pay Payroll Taxes?

They can also shut down your business in the blink of an eye… and they don’t need a court order to do so.

As a business owner, you, and even your officers, can be held personally responsible for unpaid payroll taxes.

If you willfully don’t file or pay those payroll taxes, you could wind up guilty of a federal crime.

Do yourself a favor – if you need money to run your business, don’t look at payroll taxes a free, short-term loan. That’s not what it is there for, not to mention the business-ending, life-altering consequences that come along with mishandling those funds.

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Jeffrey Schneider, EA, CTRS, NTPI Fellow has the knowledge and expertise to help you reach a favorable outcome with the IRS. He is the head honcho at SFS Problem Solutions Services as well as an Enrolled Agent and a Certified Tax Resolution Specialist.
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Now What? I Got A Tax Notice From The IRS. Help! Defining and deconstructing the scary and confusing letters that land in your mailbox. Jeff defines and deconstructs the scary and confusing letters in a fashion that mixes attention to detail with humor and an intricate clarification of what is what in the world of the IRS.

The book is available in paperback and ebook on https://Amazon.com
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For more on SFS Tax Problem Solutions, visit: http://sfstaxproblemsolutions.com/
For more on SFS Tax & Accounting Services, visit http://sfstaxacct.com/
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738 Colorado Avenue Stuart, FL 34994
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Phone: 772-337-1040
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