Question:
I own a small business and have not filed or paid my company’s payroll taxes for the last few quarters. I may owe over $100,000 in 941 taxes. What should I do?
Answer:
Owing the IRS for payroll taxes is very different than owing for personal or business income taxes. Not only can the IRS shut down your business, but it can also pursue you personally to collect what are called trust fund taxes. That means the IRS could levy your company’s bank accounts, seize your company’s assets, and demand payment from your customers, clients or patients. If trust fund taxes are involved, it also means the IRS can pursue you personally in a similar fashion to collect.
Scarier still is that it could turn into a criminal matter. Why? Because payroll taxes include money withheld from your employee’s paychecks (these are the trust fund taxes I mentioned). In short, a portion of the unpaid taxes are not your money to begin with! The IRS views not paying over payroll taxes as if you stole their money. Payroll tax delinquency is the IRS’s number one enforcement priority.
Acting NOW to resolve your payroll tax problem greatly improves your chances for a successful resolution. Including staying out of jail. The longer you wait, the more you risk this turning into a criminal matter, where your options are very limited. We can assess your situation and figure out the best way to protect you, handle all dealings with the IRS, and negotiate a resolution. Call us today so we can get you protected! There is a solution!
We’d like to hear from you!
If you have an IRS issue, or would like to refer a friend, relative or client, we’d love to hear from you. We can provide a no-obligation, confidential consultation to help solve IRS problems.
At Beacon Tax Advocates, we are experts at navigating the IRS maze and will customize a resolution plan to fit your individual needs and permanently solve your IRS problems. You’ll never have to speak or meet with the IRS once we’re in the picture! Call us today at 207-502-7181 for a free confidential consultation.
