Resolve Your IRS Payroll Tax Debt for Good!
Employers not only have to pay their own taxes and their business’ taxes, but their employees’ taxes as well. All employers are legally required to withhold payroll taxes from their employees’ salary to be paid to the IRS. Business owners who find themselves with a payroll tax debt should immediately move to resolve their issue with the IRS.
Payroll taxes are considered by the IRS as a trust tax because it is the personal responsibility of the owners of a business to pay their portion of their employees’ taxes, including Social Security and Medicare taxes. The IRS takes the failure to submit payroll taxes quite seriously, and will use the full extent of their power to collect from business owners with payroll tax debt more aggressively than it would with individuals.
The IRS may place a tax lien on a business owner’s bank account(s) and accounts receivable, notifying its vendors of the levy and making it extremely difficult to conduct business. If the case becomes even more severe, the IRS will move to seize and sell the business’ assets to satisfy the back tax debt. In certain cases, the IRS will pursue the business owners personally, if necessary, to satisfy the delinquent taxes, as well as assess civil penalties. This is a highly unpleasant process.
For help with your payroll tax debt, consult our tax professionals. Call now for a free tax debt consultation to resolve any problems you may have with payroll tax debt!
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