Elgin Payroll Taxes
Elgin payroll taxes often create the most significant problems for small business owners. There are numerous filing requirements and stringent responsibilities when it comes to payroll tax obligations. As an Elgin business owner, you must make quarterly tax deposits to the IRS and complete a series of filings for all taxes withheld. Failure to properly account for payroll tax obligations is considered a severe violation.
There are numerous filing requirements and stringent responsibilities when it comes to payroll tax obligations. 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 Elgin payroll taxes for your company, watch out! Failure the accurately account for payroll tax obligations is considered a severe violation. Not filing, paying late, or borrowing from payroll taxes is against the law.
Things to Know About Elgin Payroll Taxes
- The IRS tends to focus on collecting taxes 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 Elgin payroll tax collection process.
- Not paying your Elgin payroll taxes can be considered a federal crime.
Unlike individual accounts, the IRS is not bound by limitations from Congress that protect civilian living standards. This means IRS officers have more freedom to pursue delinquent payroll tax accounts than with individual accounts. 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 taxes.
If you have unpaid Elgin 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.
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