Frequently Asked Questions – Payroll Tax How To And Killer Advice

WHO IS LIABLE FOR UNPAID PAYROLL TAXES?

All responsible parties.

IS THE INTEREST ON UNPAID PAYROLL TAXES DEDUCTIBLE?

Yes.

HOW MUCH TAX SHOULD BE TAKEN FROM MY PAYCHECK?

That depends on your other sources of income and your deductions.

The best way to tell is to do a preliminary tax return and see if you will owing or not. —

PENALTY FOR FILING 941 PAYROLL TAX LATE?

Yes. INTEREST FOR FILING IRS FORM 941 PAYROLL TAX LATE?

No, only paying late.

DIDN’T FILE MY W-2′s, I FILED LATE!

Don’t sweat it. We can help you!

MUST I HAVE MY W-2 TO FILE MY TAXES?

No. Just the information.

DIDN’T FILE MY 940 FORM!

Don’t sweat it. We can help you!

WHAT IF I CAN’T PAY MY PAYROLL TAXES? Or “IRS Garnished My Wages”

Please click on IRS SOLUTIONS above.

WHAT IF I CAN’T PAY MY 941 TAXES?

Please click on IRS SOLUTIONS above.

SMALL BUSINESS HELD LIABLE FOR UNPAID PAYROLL TAXES! WHAT HAPPENS IF EMPLOYMENT TAXES ARE NOT PAID TO THE IRS?

The IRS has the right to close businesses and sell their assets to collect past due payroll taxes.

I OWE PAYROLL TAXES! CAN THE IRS FILE A TAX LIEN AGAINST MY BUSINESS?

Yes. The IRS can send levies to all individuals that owe money to your business.

I AM RESPONSIBLE FOR PAYROLL TAX LIABILITIES! I AM HELD LIABLE FOR UNPAID PAYROLL TAXES! I NEED HELP!

We can help you negotiate an installment agreement with the IRS. MY COMPANY HAS DELINQUENT PAYROLL TAXES! WHO IS RESPONSIBLE FOR PAYROLL TAX LIABILITY?

It depends. Unpaid Payroll Tax can be assessed against bookkeepers, accountants, EAs, CPAs and other persons with check signing authority.

I AM A SMALL BUSINESS OWNER! I NEED HELP WITH DELINQUENT PAYROLL TAXES! WHAT SHOULD I DO IF I OWE PAYROLL TAXES?

The IRS does not have mercy for employers who do not deposit employees’ withholding or social security taxes. Consult a tax professional and settle an affordable payment plan with the IRS.

I AM LIABLE FOR UNPAID EMPLOYMENT TAXES! WHAT IS THE TRUST FUND RECOVERY PENALTY?

The Trust Fund Recovery Penalty is the amount an employer withheld from his employees for Social Security, Medicare and income taxes. When an employer fails to deposit these federal payroll taxes, the IRS will assess a Trust Fund Recovery Penalty.

CAN THE IRS HOLD ME LIABLE FOR UNPAID PAYROLL TAXES ?

The IRS will check within your company who was in charge, and failed to pay IRS employment taxes. In determining who is responsible for unpaid payroll taxes, the IRS uses several factors. Most of the time, the person in charge of signing checks will be liable for the Trust Fund Recovery Penalty. Other responsible parties may be officers, payroll personnel, owners.