Payroll taxes are a serious matter that cannot be overlooked. This is likely the area where the IRS is most aggressive when payroll taxes are owed. Representation is a must! When you have employees, you are required to pay the payroll taxes directly to the IRS for the employee’s portion withheld or for your business’ portion. Payroll taxes are usually Social Security and Medicare taxes, Federal Income tax withholdings and Federal Unemployment Tax. The employer generally files quarterly returns (IRS Form 941) or annual returns (IRS Form 940). Failure to file the taxes time can create extreme penalties. Balances not paid with the return can be excessive and must be resolved before the IRS assigns an IRS Revenue Officer with the likely objective of closing the company. Or even worse, the IRS is authorized to make a criminal referral to the criminal investigation division for possible prosecution referrals for neglecting the payroll taxes. The good news is Tax Law Center, America’s Premier Tax Relief Firm, we know how to handle this sensitive situation. If you have any unfiled payroll returns or have filed payroll returns but have not paid them, call our confidential tax professionals and we can help.
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