Not filing, or paying late or borrowing from payroll taxes is against the law. The payroll tax money collected from employees to pay their share of Federal withholding tax, FICA and Medicare (Social Security) does not belong to the business and must be paid to the government.
If you are behind on paying payroll taxes for your company, WATCH OUT!!! The IRS is extremely aggressive pursuing collection of this type of tax. They would rather seize your business assets, close you down, sell your assets at auction, and put you out of business than allow you to continue amassing additional payroll tax liabilities.
The IRS can and does come after business owners individually for payroll taxes owed. The IRS can access what is called the trust fund recovery penalty against owners, shareholders and even employees for part of the unpaid payroll taxes.
If you have unpaid payroll taxes, it is critical you hire a professional representative to work on your behalf. Jones Sager and Company can help formulate and coordinate a plan to get you back on track; let our expert CPA Tax Accountants help you mitigate this type of tax delinquency immediately.