Bayshore CPA’s, P.A. Located in Mooresville, NC Can Help Solve Your Payroll Tax Problems
Every business with employees is required to pay payroll taxes. These deposits are typically due within a few days after payroll checks are issued.
If you fail to pay on time, the IRS will immediately impose interest and penalties.
Most businesses make submitting these tax deposits part of their regular routine. But if you are a small business owner, it is easy to get caught up in the demands of running your business and inadvertently miss a payroll tax deadline.
How Payroll Problems Start
Sometimes the problem is greater than just forgetting a deadline.
When cash flow gets tight, some business owners dip into the withholdings from payroll to pay monthly expenses like rent or utility bills.
- They may reason that they will catch up on their payroll taxes as soon more money comes in and will avoid any serious problems.
- Instead, the debt compounds week after week.
Another reason businesses experience payroll tax problems is because these funds are mismanaged by a dishonest or unqualified employee.
- An employee may hide the fact that they have failed to submit employment taxes for a long time.
- You, the owner, learn of this when the IRS comes knocking with a large tax bill including harsh penalties.
Unpaid Employment Taxes are Serious Business
Once the IRS takes note that your business has failed to file payroll taxes properly, they will aggressively pursue their money and start racking up the penalties.
- If you wait to take action, your business may end up facing penalties that exceed the actual amount of employment taxes owed. I
- f the problem persists, the IRS has the power to shut down your business and sell off the assets to collect the tax debt.
- In extreme cases, they may even press criminal charges that result in a fine or imprisonment.
If your business is delinquent on your payroll tax filings, the tax professionals at Bayshore CPA’s may be able to get your tax penalties reduced through a variety of tax relief options.
- Bayshore CPA’s will negotiate directly with the IRS on your behalf to initiate a payment plan, such as an offer in compromise or installation agreement, that will allow you to pay off your tax debt.
At Bayshore CPA’s, P.A., your peace of mind is our motivation. If you need relief from your payroll tax problems:
Call our office now located in Mooresville, NC at 704-660-9317 to schedule your consultation.