When it comes to payroll tax requirements, there are many strict responsibilities. 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. As an Aurora business owner, you must make quarterly tax deposits to the IRS. You also must complete a series of filings for all Aurora payroll taxes withheld. Failure to correctly account for payroll tax obligations is considered a grave violation. If you are behind on paying Aurora payroll taxes for your company, watch out!
Businesses are often easy targets for the IRS, and they are tremendously assertive while pursuing the collection of this type of tax. They can seize your business assets, close you down, and sell your assets at auction than allow you to continue amassing additional payroll tax liabilities.
If you have unpaid Aurora payroll taxes, it is critical that you hire a professional representative to work on your behalf. Jones, Savarese, Harrington & 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.