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Every business has to remit payroll taxes to the IRS quarterly, after withholding the taxes from every paycheck. Tax payments are due in March, June, September, and December. As a business owner, you are responsible for calculating the appropriate amounts of federal income tax, Medicare, and social security tax to withhold from staff paychecks.
The federal government reviews payroll taxes and enforces compliance via the IRS. Payroll tax is the money an employer must withhold from employee paychecks and includes contributions to Social Security, Medicare, and unemployment insurance.
If you have a company and have W-2 employees, you are required to withhold payroll taxes. You have to:
Depending on the size of your business, you may be required to remit payroll taxes immediately after withholding them.
Similar to failure to pay individual taxes, failure to pay payroll taxes will result in penalties, interest on back taxes, and having to deal with IRS collections. Even neglecting to pay payroll taxes on a quarterly basis can mean large penalties, even if you are withholding the taxes properly and are planning to make an annual payment. Penalties quickly add up, making it harder to catch up with back tax payments.
If you have neglected to remit your payroll taxes to the IRS, your personal property might be at risk. Given you are a business owner, and the IRS finds you directly responsible for the failure to pay taxes, they might issue a lien or levy on your personal property. Not paying payroll taxes for your business could even lead to losing your home if you do not catch up with payments in a prompt manner.
Even if you have not yet received a notice from the IRS concerning back payroll taxes, you should work with a professional tax resolution company and bring your taxes up to date as soon as possible. You can prevent the negative repercussions of dealing with IRS collections if you deal with the problem as soon as possible. If you've already been sought by the IRS for collection of payroll taxes, you can get aid from the experts at Tax Alliance. When you need a tax company with experience helping clients solve their IRS tax issues, Tax Alliance can help you manage the problem before it gets worse.
Because of advancements in our technology, we are able to communicate with the IRS electronically, its as if we are in the same office! Faster service and more cost effective!
If you are not happy with our tax services within the initial 21 days, we will give you a 100% refund of services rendered, no questions asked!
You find it, we will match it! Tax Alliance will match and beat (by 10%) any competitive offer. Contact our office today and receive a free no obligation tax consultation.
Because of advancements in our technology, we are able to communicate with the IRS electronically, its as if we are in the same office! Faster service and more cost effective!
If you are not happy with our tax services within the initial 21 days, we will give you a 100% refund of services rendered, no questions asked! We help our clients nationwide!
You find it, we will match it! Tax Alliance will match and beat (by 10%) any competitive offer. Contact our office today and receive a free no obligation tax consultation.
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