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Failing to pay payroll taxes and file payroll tax returns will incur more severe penalties than other failing to pay other taxes. A large portion of payroll taxes are employee withholdings, so the IRS views not paying your business’s payroll taxes as tantamount to stealing your employees money.
The IRS can be extremely aggressive in pursuing unpaid payroll taxes. They may seek to seize business assets, sell your assets at auction, and put you out of business rather than allow you to continue incurring additional payroll tax liabilities.
Meeting with the IRS with no outside assistance rarely results in a positive outcome. Your answers to their initial questions can be the difference between your business remaining open or shutting down. It is critical that you hire a skilled professional who knows how the IRS operates and all the complex questions they will be asking of you.
JB Tax and Bookkeeping in Coppell, Texas can help you resolve your payroll tax problems.