Chicagoland Payroll Taxes
As a small business owner, you have many responsibilities to fulfill. There are various filing requirements and stringent responsibilities that come along with business ownership. One of the most important ones is managing your payroll tax obligations. You must make quarterly tax deposits to the IRS and complete a series of filings for all Chicagoland payroll taxes withheld.
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 Chicagoland 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 Chicagoland payroll tax collection process.
Not paying your payroll taxes can be considered a federal crime.
Failure to accurately report or pay these taxes can lead to civil and criminal penalties. Let’s not forget about incurred fines. Missing a payroll tax deposit deadline can result in hefty interest rates. The IRS can even file a lien to settle your tax debt. They prefer to seize your business, shut you down, and sell your assets at auction than allow you to continue amassing additional payroll tax liabilities.
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