Payroll Taxes
The IRS assesses employee withholding tax if you own or have owned a business with employees. The employer is required to withhold payroll taxes from their employees’ paychecks and pay this tax to the IRS on behalf of the employee. The most common types of Payroll Taxes are 941 taxes and 940 taxes. These taxes are to be paid on a quarterly basis. Failure or neglect to pay these taxes will result in penalties and interest being accrued. A business can be closed and all assets seized in order to satisfy the tax debt if the debt remains long enough.
This type of tax debt is largely considered to be the worst form of tax debt because the IRS views this as directly “stealing” from the government. The IRS does not take this tax debt lightly. They have very broad enforcement powers when collecting back taxes from businesses who owe them. National Tax Relief is a specialist working with those who are late on their Payroll Taxes.
If your business is in serious trouble with the IRS in regards to Payroll Taxes, consult with 411Tax Relief to discuss your options. Washington can help you set up a plan that works for you and your business.
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