As a business owner, part of scaling and growing your business is employing others to work for you which also includes payroll and payroll taxes. As an employer you are required to collect and pay taxes from your employees paychecks and distribute those funds to the IRS. Unfortunately, sometimes those funds quickly dwindle when life happens and other bills suchs as rent, become a priority. This means that you are using IRS money to fund your expenses and the IRS considers that almost like stealing. According to information from the Field Collection, payroll taxes can represent up to 59% of the Collection inventory at the IRS and that means that they make the collection of Payroll Taxes a priority.
The unpaid taxes ultimately become a debt to the business owner or responsible party through the Trust Fund Recovery Penalty (IRS Ց6672) and they will then need to pay the balance due with penalties and interests.
Our office is here to help you resolve this issue and get you into proper compliance with the IRS to keep your business running smoothly.
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We will happily offer you a free consultation to determine how we can best serve you. Let us help you solve your IRS problems.