Salt Lake City, Utah - You have a good business, but sometimes your cash flow gets a little low and the payroll tax deposit is not made on time. Or maybe you just were busy and missed your quarterly payroll tax return filings – surprisingly this is the excuse I hear the most.
Whatever the reason, you are now behind in your payroll tax filings or payments or both.
You might feel like you are temporarily borrowing the money from the IRS until your business gets back on track, but the IRS does not see it that way. The IRS needs that money to make Social Security payments, Medicare payments, among other payments and takes late payroll tax payments more seriously than just about any other tax problem a taxpayer may have.
To the IRS, a late payroll tax payment is considered stealing money from the government, and the IRS will put some teeth behind the enforcement and collection of payroll taxes. The most important thing you can do is to get help from a tax representation professional immediately.
Tax penalties add up fast. There is a Failure to File Penalty, a Trust Fund Recovery Penalty, interest on the taxes that are late, and the payroll taxes themselves. It can be easy to get into a tax debt hole; plus, it’s taxing on your peace of mind to have this kind of burden weighing you down.
Tax problems are legal problems, and we solve both. If you or someone you know has an issue with paying their federal or state taxes and needs help to end their IRS nightmare, please contact Kent Brown at Strong & Hanni by either phone at (801) 532-7080 or email at: kbrown@strongandhanni.com or go to my personal Strong & Hanni webpage at: https://strongandhanni.com/attorneys/attorney-kent-brown/
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