Employment taxes include the income tax withheld from employee wages, employees’ share of social security/Medicare taxes (trust fund taxes) and employer’s share of social security/Medicare and unemployment taxes. For example, when employee wages are paid, employment taxes must be withheld by the business and remitted to the IRS in a timely manner, along with the company’s portion of employment taxes. When these payments are not submitted to the IRS or are paid late, a trust fund recovery penalty and failure to deposit penalty assessments are made on the business and against any individual responsible for paying trust fund taxes (even if the company is still in business). The IRS may also refer the case to the Department of Justice for civil collection or criminal prosecution for failure to report and deposit employment payroll taxes.
Failing to report and deposit business payroll taxes can lead to company shut down. Payroll taxes are the government’s money and they will pursue you and your business to collect them, distracting you from running your business effectively. There are many strategies available to defend against penalty assessments. With your cooperation, we can get you and your business back on track.
Solving your payroll tax problems begins today. Give us a call today at (413)342-0885, or CLICK HERE to schedule a FREE consultation. There’s absolutely no obligation and no pressure.