If a business owner has many payroll taxes due, he can face many problems such as; severe penalties by IRS, it might trigger audit on the business, or lead to a federal criminal investigation. The importance of payroll taxes cannot be ignored. Following is the list of some important things to know about small business payroll taxes:
- IRS enforces small businesses to pay the payroll taxes. The reason for IRS being more concerned about small businesses is that small business owners have been identified by the IRS as the largest source of uncollected taxes and they are known as big tax evaders. Especially during economic downturn, IRS enforces small businesses to pay payroll taxes.
- IRS collection officer has a lot of power and authority in terms of collecting the payroll tax debt. If he applies his powers to gain your due amount, the chances are that you can lose your business completely. The Tax debt collector has the power to:
- Padlock your front doors
- Putting you out of business, without obtaining a court order
- They can seize your machinery and equipment
- They can contact your customers, and if your customers owe you any money, the IRS will intercept these funds through their powerful levying authority
You must take immediate action to deal with payroll tax issues, or you will find yourself out of business.
- Payroll tax penalties can add up quickly and generate huge tax debt. The penalties assessed on delinquent payroll tax deposits or filings can dramatically increase your total tax bill.
IF you have payroll taxes unpaid, you can take help form My Tax Help MD professionals. Our experienced attorneys and Tax Resolution Specialist have the experience of negotiating hundreds of these cases.