Tax Relief Blog
If you are facing payroll tax problems, then you have a serious issue on your hands. This is especially true for small business owners and entrepreneurs who may not have the knowledge, experience, or skill set to understand how tax issues with their unpaid 940/941payroll and employment got out of hand. Now that the IRS may be involved, you will need to get the right tax firm to represent your interests during this trying time.
Avoid IRS enforcement actions such as tax liens, and bank levies.
Get a free evaluation today 1-877-78-TAXES [1-877-788-2937].
A good starting point is understanding how unpaid payroll tax problems can begin. If you have yet to face issues with employment tax, trust fund 6672, then you can avoid them if you follow the right steps.
941/940 Payroll Tax Employment Issues
The IRS requires that all employers must withhold taxes from the wages of their employees for Income, Social Security, and Medicare. These are often called withholding taxes or 6672 trust fund taxes which are used by the federal government to support entitlement programs along with funding the federal government itself. The Internal Revenue Service is responsible for the handling of such taxes and can start enforcement actions such as bank levies, and tax liens.
All employers are required to deposit the withheld taxes into a qualified financial institution for transfer to the IRS. In addition, employers are required to fill out two separate forms;
- Form 941: Employer’s Quarterly Federal Tax Returns
- Form 940: Employer’s Annual Federal Unemployment Tax Returns
Regardless of the structure of your business, you must fill out both forms if you have employees. A mistake on the forms, especially one that fails to pay all that is owed is usually taken quite seriously by the IRS. Such matters are usually handled by Revenue Officers who are authorized to collect what is owed from all responsible individuals within the company.
This may include in serious cases the closure of the business and seizure of assets all because of unpaid payroll tax problems that get out of hand. The actions of the Revenue Officers will often depend on the seriousness of the issues that are affecting your payroll tax payments, 6672 trust fund.
While minor mistakes that do not affect the payment itself or overpaying are usually not issues, not paying enough is usually addressed quickly. This means having to keep track of all payroll and the appropriate taxes that must be withheld. This is why EAs, lawyers, accountants and CPA are available to ensure that all payroll taxes are met.
Avoid IRS enforcement actions such as bank levies, and tax liens.
Get a free evaluation today 1-877-78-TAXES [1-877-788-2937].
Are All Payroll Employment 940/941 Tax Problems Serious?
The answer will depend largely on the size of the mistake that has been made. In some cases, minor mistakes can be corrected quickly by the IRS with a simple notification. If you respond by correcting the issue, then it might end right then and there.
In small cases, representation may not be needed. This will depend on just how small the infraction turns out to be. Normally, the IRS will detail small infractions in a letter that informs you about the issue and what actions you should take.
However, more serious issues usually require meeting with the Revenue Officers. These are usually problems that are large and serious in nature. Even the best business owners can find themselves facing serious employment payroll tax problems, trust fund 6672. This is when you need to hire a good tax firm to represent you and your business.
Why hire our tax representation firm?
While an accountant or CPA can provide guidance in helping you compile, and prepare financial statements, our experienced tax representation firm can represent your interests to the fullest. If you have received notice from the IRS, that you have unpaid payroll 941/940 employment tax issues, especially those that put you in contact with Revenue Officers, then here are a few reasons why hiring our tax representation firm is the best course of action.
Of the myriad of payroll tax problems that many owners face, there are four that stand out above the rest.
- Failure to withhold or pay the federal taxes properly
- Late deposits of payroll tax
- Late payments of payroll tax
- Not properly addressing IRS Form 1099
In other words, not paying, not paying on time, not depositing on time, or not filling out Form 1099 can cause considerable issues with the IRS. This may be compounded if you didn’t fill out the proper forms and are late or have not paid your payroll tax. In addition to understanding the common payroll employment tax problems, our tax representation firm can help you in the following ways.
Knowledge: The right tax firm has the knowledge and experience to know what to do when faced with payroll employment tax issues that you are experiencing. From the first call for consultation to going over your files to representing you before the IRS to appeals, the knowledge of the tax law along with the IRS is invaluable during this time.
Guidance: The biggest fear that most business owners face is the uncertainty of what happens next. That uncertainty can lead to a considerable amount of stress. Without a good tax representation firm present, that stress may lead to making poor decisions based on a lack of information or simply wanting the situation to end. By having the proper guidance that our tax representation firm can provide, you can avoid making even more mistakes when dealing with the IRS and their demands.
Our tax representation firm can provide the guidance needed to lower the uncertainty and reduce the stress, so you can make the best-informed decisions. In many cases, our firm is able to resolve the payroll tax problems, 6672 trust fund with the IRS in a manner that may be far less expensive than you might realize.
Representation: You have rights when facing the Revenue Officers of the IRS. To protect those rights, our tax representation firm will be there all the way. We act as your representative, power of attorney, so that you understand your rights, your options and make the proper responses during this time.
Avoid IRS enforcement actions such as tax liens, and bank levies.
For business owners who are facing unpaid payroll 941/940 tax issues, do not try to handle this by yourself. Get the best tax representation firm by your side. You can call today for a free consultation at 1-877-78-TAXES [1-877-788-2937] and find out how you can be properly represented in case you are having issues with the IRS over your payroll and employment 940/41 tax.
