Business Payroll Taxes and The IRS
Payroll Tax Problems
Business owners are well aware that life happens: A client’s check may bounce, a huge customer might have just shut their doors – sometimes as a business owner you might have to pick between paying IRS payroll taxes, or paying your employees their regular paychecks. It can definitely be hard these days, sometimes money is short and you have to make difficult decisions.
Naturally Business Owners will many times put their employees first and their payroll taxes second, then due to X or Y reason the snowballing problem becomes a financial avalanche. Unfortunately the IRS doesn’t care if your making payroll, and doesn’t care if you have to put your employees out in the street. The IRS is focused on one single fact: You have money that belongs to them.
Payroll Tax Problems can Escalate into Criminal Matters
The IRS may try to levy bank accounts, seize receivables, or even property. As you may be aware 941 payroll taxes are much different than 1040 income taxes and outstanding debts can even evolve into criminal matters. This is because the money owned to the IRS for Payroll taxes is money that has already been deducted from employee paychecks by the IRS for withholding purposes, and unfortunately in the IRS’s view unpaid payroll tax is money you have stolen from them.
Protect Your Family and Business
As a business owner if you find yourself in a situation similar to this, one of the smartest things you can do is to protect yourself, your family, and your business by finding someone to represent you – an expert who deals with the IRS for a living.
Person CPA Group can help! Don’t wait until the IRS starts calling or shows up at your door to take action. In these types of situations we may be able to have penalties reduced, or in some circumstances completely removed.
Person Huff Can Help!
We know you work hard to keep your business open and we’re here to help. Remember no tax situation is hopeless, and with proper representation there is a solution to almost any tax problem. However the quicker you act and stop the financial avalanche, the easier it will be to dig yourself out.
Don’t wait, if your worried about your business’s tax situation, contact us today!
“Matthew Person is the managing member of Person CPA Group, LLC. Matthew and his firm provide accounting and tax services, financial advising, business consulting to individuals, businesses and non-profit organizations. He is a graduate of the University of Mississippi where he received a Bachelor of Accountancy degree in 1990. He has worked both in industry as well as public accounting for eighteen years where he gained a vast variety of work experience and knowledge of small business accounting issues.
His professional memberships include the American Institute of Certified Public Accountants, the Louisiana Certified Public Accountants, the New Orleans Chapter of Certified Public Accountants, a Certified Peachtree Software Consultant, a QuickBooks Certified Pro Advisor, and Matthew holds a Series 6 Securities License and a Life, Health, & Disability insurance license.”
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