Keith Jones, CPA Newsletter
What is IRS Payroll tax Forgiveness?
Business owners or "responsible persons": Are you behind on your payroll filings or payments and have payroll debt?
You run a good business, but sometimes you don't have enough money to pay the payroll deposit on time.
Or you could have been too busy and forgotten to send in your quarterly payroll return.
No matter, because you are now behind on either filing or paying your payroll taxes, or both.
Businesses that owe payroll taxes or should have taken them out of employees' paychecks can negotiate with the IRS to get rid of their payroll debt. It's a big deal if you don't pay your payroll taxes on time.
The IRS sees not paying payroll taxes on time as stealing money from the government, so they have stepped up enforcement.
Penalties can quickly add up. There is a failure to file penalty, a trust fund recovery penalty, interest on late taxes, and the taxes themselves.
When you owe payroll taxes, it can be easy to fall into debt quickly. Also, carrying around this kind of weight is hard on your peace of mind.
The most important thing you can do is to get help as soon as possible from a tax representation professional for payroll tax debt relief.
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