Business Tax Problems?
One of the most serious tax problems is the failure to collect, account for, and pay to the government any taxes that were, or should have been, withheld from employees. The government vigorously collects these debts, referred to as “trust funds,” using the most aggressive tools available to them. Employers who pay their employees the amount of the employees’ net payroll and fail to remit the taxes related find themselves in a classic case of employment tax problems.
The IRS is particularly aggressive when it comes to collecting on delinquent payroll taxes (IRS forms 940 and 941). They consider it stealing from employees when businesses fail to properly pay the IRS for taxes withheld from employees’ wages. If you have failed to withhold or pay payroll taxes, you can incur huge IRS penalties, as well as face potential civil or criminal sanctions. The IRS may hold you personally responsible and could seize your assets. The survival of your business may be at stake.
If the IRS has already begun action against you for unpaid payroll taxes, you need expert representation immediately. Don’t try to handle it yourself when a professional can step in and resolve the issue. If you wait too long, not only will your penalties multiply, but the IRS will take more aggressive steps to collect. This could include holding you personally liable for the debt, leaving you open for civil or criminal prosecution.
Tommy Brown has extensive experience dealing with unpaid employment taxes. As a result, he can use his expertise to negotiate with the IRS on your behalf. A quickly- negotiated, acceptable agreement will ensure that you do not lose your business. As a result, your personal assets, wages, and bank accounts will remain intact. However, if your business no longer operates, additional resolutions exist.
Call Tommy Brown at 618-407-3674 to handle your business’s tax problems today!