Business Debt For Payroll Taxes Help In Need

Businesses must hold payroll taxes of the employees and make payment to the IRS. If businesses think that the payroll tax is some form of interest-free loan, the results could be devastating. It is the sole responsibility of the business owner to pay IRS payroll taxes. Failure of clearing this tax can result in tax violation and can lead to penalties and criminal charges. In case your business has not paid payroll taxes to the IRS for multiple periods technically called as pyramiding, the penalties and interest can be equal or even excess of the original amount. The more time you take to clear the payroll taxes more will be the penalties.

Some of the payroll tax penalties are, up to 15% federal tax deposit penalty, up to 25% failure to file penalty and up to 25% failure to pay the penalty and additional compounding interest on a daily basis. Apart from these penalties, seizure of company, assets and bank accounts and criminal charges are possible. In case of Trust Fund Recovery Penalty (TFRP), 100% Penalty Investigation, the revenue officer will not make the business owner liable for the default. People who are responsible for clearing payroll taxes, be it accounts manager, bookkeepers or those handling finance will be slapped with 100% penalty. The owner may have to pay 100% tax, penalties and interest.

The repercussions of not paying the payroll tax debt can be severe and can lead to closure of the business. Once the TFRP is assessed levies on income and assets from the business and the individuals can be collected. To get out of this situation, it is best to avail help with business debt for payroll taxes. They can help negotiate your case and work on an installment or in business offer in compromise. Get the right representation with proven track record and save your business.