Arlington Heights Payroll Taxes
As an Arlington Heights business owner, you must be aware of your payroll tax obligations. The taxes collected from employees do not belong to the business and must be paid to the government. This includes local, state, and federal withholdings like FICA and Medicare. The Jones, Savarese, Harrington & Company accountants are here to help with accurate Arlington Heights payroll taxes for your company.
You need to act quickly if you’ve been late on paying your payroll taxes. Failure the properly account for payroll tax obligations is considered a severe violation. You violate IRS laws when you fail to pay these taxes on time or make any mistakes with your filings. This means the IRS can take legal action against you and your company.
If you are behind on your payroll taxes, hiring a professional to work on your behalf is critical.JSH can help formulate a plan to get you back on track and prevent further issues from occurring.
Things to Know About Arlington Heights Payroll Taxes
- The IRS tends to focus on tax collection from small businesses, especially during economic recessions.
- You can lose your business due to aggressive IRS collection procedures because IRS officers have unyielding authority.
- They can padlock your business doors, as well as seize your machinery and equipment.
- The IRS can contact your customers. If your customers owe you any money, these funds can be intercepted in the Arlington Heights payroll tax collection process.
- Not paying your payroll taxes can be considered a federal crime.
The IRS is exceptionally persistent in pursuing this type of tax collection. They are not bound by the same limitations that protect civilian living standards. Instead, the size of your business will determine the penalty you face. Other factors determining the penalty include whether you have made a payment, how late you are with that payment, and the type of error made.
Stay In Touch