Representing Connecticut businesses with payroll tax problems
Tax Representation Done Right
Payroll Tax Problems can grow even larger with IRS Trust Fund Penalties. These penalties cover the unpaid employee portion of payroll taxes, and the IRS assigns them directly to the responsible payroll person. Because of this, it’s smart to contact a Tax Attorney right away once the IRS reaches out about payroll taxes. You can also review the IRS’s own overview of the Trust Fund Recovery Penalty. Contact Us for a Zoom Consult.
Every business must file payroll taxes at regular intervals, whether it has a few employees or hundreds. The IRS closely monitors payroll taxes, so failing to pay them quickly triggers an audit, followed by heavy fines and penalties. As a result, payroll tax problems can add up fast — even a single late payment can start the cycle.
For example, one missed filing can become a second, then a third, until you owe tens or hundreds of thousands of dollars in payroll debt. Though this can feel like an impossible obstacle, there are ways to resolve payroll tax problems. Our Tax Attorneys and CPAs can help you solve them. From our office in West Hartford, Connecticut, we help businesses throughout the state and across the country. Contact Us.
The Compounding Problem
Running a business isn’t easy, and sometimes money gets tight. When this happens, some businesses try to make ends meet by pulling money from payroll tax withholdings. They may use that money to cover rent and utilities and keep the business running, but doing so also creates more debt and penalties. Once this practice starts, it’s hard to stop, and the IRS does not make exceptions for businesses that dip into payroll withholdings to stay operational.
Payroll tax problems can also stem from mismanaged accounts. You may believe you’ve paid your payroll taxes properly, yet accounting errors or document mismanagement can still lead to inaccurate payments. Even though the mistake isn’t necessarily yours, you must still pay any unpaid payroll taxes, along with any resulting penalties. Because of this, business owners are sometimes completely unaware that they haven’t paid their payroll taxes.
Payroll Tax Problems and the IRS
The IRS takes payroll tax underpayment, or any failure to pay payroll taxes, very seriously. To collect unpaid payroll taxes, the IRS can place liens on property and levies on financial accounts, or even liquidate your business. So, it’s essential to resolve payroll tax problems as soon as possible. If you’re struggling with payroll tax problems and penalties keep accruing each quarter, our Connecticut payroll tax attorney and CPA can help you find a solution. By negotiating the unpaid balance and penalties with the IRS, or by setting up a payment plan, you can keep operating your business and finally get out from under your tax problems.
Payroll Tax Problems Affect All Businesses
Payroll tax problems can affect a business with ten employees or one with ten thousand, and everything in between. Document mismanagement or financial mismanagement can happen in any industry. Though this problem is common across many businesses, it can also be solved. Our Connecticut-based CPA has deep experience in tax code and IRS negotiations and can help you find the best way forward. If you believe the IRS unfairly levied payroll tax penalties against you, you also have legal options. Our expert Connecticut tax law attorney will help you map out those options and pursue your case.
