South Elgin Payroll Taxes
South Elgin payroll taxes often create major problems for small business owners. Unlike individual accounts, the IRS is not bound by restrictions from Congress that protect civilian living standards. This means IRS officers have more leeway to pursue delinquent payroll tax accounts than with individual accounts.
Businesses are easy targets for the IRS and they are tremendously assertive while pursuing the collection of this type of tax. They would rather seize your business assets, close you down, and sell your assets at auction than allow you to continue amassing additional payroll tax liabilities.
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.
As a South Elgin business owner, you must make quarterly tax deposits to the IRS and complete a series of filings for all taxes withheld. If you are behind on paying South Elgin payroll taxes for your company, watch out! Failure the properly account for payroll tax obligations is considered a serious violation. Not filing, paying late, or borrowing from payroll taxes is against the law.
Things To Know About South 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 payroll tax collection process.
- Not paying your South Elgin payroll taxes can be considered a federal crime.
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 South Elgin payroll taxes, it is critical 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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