If you owe back payroll taxes to the IRS, you need to act immediately. Ignoring the issue will only make it worse. If you don’t pay the payroll taxes on time, the IRS can shut down your business or even put you in jail. It can also investigate you and your employees. To avoid these consequences, hire a tax resolution expert to work out an installment agreement and help you keep your business operating.
If you are unsure about the best back payroll tax resolution method for your situation, a tax resolution specialist can explain the different options available. One option is the Offer in Compromise, which will allow you to settle your tax debt without paying interest or penalties. In addition, a tax resolution specialist will be able to advise you on the different tax relief programs available.
Back payroll tax debt can be difficult to settle. However, if you’re facing a large back payroll tax liability, an Offer in Compromise (OIC) may be the best option. However, this option is not ideal for every business. If you’re not sure whether or not an OIC is right for you, consult a Senior Tax Consultant and find out what your best options are.
When you fail to pay payroll taxes on time, you’re not only faced with steep penalties but also the dreaded Trust Fund Recovery Penalty. If you’re unable to pay, the Revenue Officer can legally seize your bank accounts, garnish your wages, or send you letters informing your customers that you’ve failed to pay your payroll taxes. In such a situation, it is important to get professional help to avoid penalties and jail time.
When negotiating an installment agreement with the IRS, you’ll need to provide detailed financial information about your business and the amount you can pay. Your monthly payment will have to be reasonable in relation to the amount of your business earnings. In some cases, it’s necessary to file all past payroll tax returns, even if you’re unable to pay them. The revenue officer will also need to determine whether your business can continue operating.
