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Payroll Tax Problems

payroll tax problems

Business Owners have Plenty on Their Plate

Business owners have a lot of responsibilities – strategy of the business, marketing, sales, customer service and much more. Businesses with employees have an additional set of responsibilities. One of those responsibilities is payroll taxes. Any business with employees must withhold payroll taxes from the paychecks of their employees and pay all applicable local, state, and federal taxes.

Calculating Payroll Taxes

Calculating the amount of payroll taxes to withhold takes some knowledge and practice. Missteps can result in legal ramifications and unwanted hassle. One way that business owners avoid this headache is by hiring a Certified Public Accountant like CPA Accounting and Tax Services. We understand the laws regarding payroll taxes and have a Payroll Solution that makes this duty hassle-free for business owners.

The Downward Tax Spiral

Owning and operating a business brings ups and downs. Unfortunately, during the “downs,” some owners make the difficult decision to hold on to the payroll taxes that they withheld for their employees. They typically do this thinking that it will be a very short-term situation and that they will rectify things next month or next quarter. Sometimes, the problem only gets worse and soon the snowball effect takes place, wherein the business owner falls more and more behind and is essentially “borrowing” tax payments that they are not entitled to borrow. In fact, this practice is illegal.

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Avoid Steep tax Penalties

In the event that this is where you find yourself, or if innocent mistakes have been made and payroll taxes have not been properly withheld and paid as required, we can help and you should contact us right away. The longer the problem goes unresolved, the steeper the penalties. These penalties will only hurt your business more and could result in it closing forever.

Reconciling Your Debts Quickly

CPA Accounting and Tax Services is experienced in handling payroll tax issues for businesses. We will assess your situation fully, taking into account the circumstances and facts in your case and formulate a strategy to resolving the problems. There are specific forms that will need to be filed along with setting up a payment plan. Our number one goal is always to help you reconcile your debt quickly and as painlessly as possible while protecting the business’s assets.

Payroll Tax Problems

Payroll tax problems are among the most serious problems one can encounter with the IRS. The IRS pursues business owners in this predicament more aggressively than they do individuals with tax issues. Many are not aware that laws prevent business owners from filing bankruptcy against payroll taxes, so there is no easy fix for this problem.

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