Seek Tax Help Now to Avoid Losing Your Company to Delinquent Payroll Tax Problems!
IRS payroll tax problems are very common among big and small business owners all over the country.
Especially now that the economy is rough and many businesses are struggling to simply keep their lights on, delinquent payroll taxes needs to be resolved as soon as possible in order for business owners to avoid severe IRS penalties and ultimately, to save the life of their company.
The IRS is a merciless tax collection agency and will stop at nothing to collect any delinquent payroll taxes you owe. It is not unheard of that some business owners who failed to resolve their payroll tax problems found their businesses boarded up and shut down by the IRS. Don’t lose your business, settle your payroll tax problems now before it’s too late.
It is important for you to realize that one or more persons may be assessed with the payroll tax penalties from the IRS for delinquent payroll taxes - they can be assessed jointly and incur several liabilities. This means you do not have to be an officer of the company to be liable!
See the recent story below for how a corporate CEO was assessed and penalized for payroll tax deficiencies:
CCH (http://intelliconnect.cch.com) reports:
Corporate Officer Responsible for Payroll Tax Deficiencies, Jeopardy Assessments Valid
Trust fund recovery penalties were properly assessed against an individual in connection with a corporation’s unpaid withholding taxes. The individual was a responsible person within the meaning of the trust fund provisions because he was the corporation’s founder, president, director, CEO and treasurer, exercised significant financial control over the company, and managed its day-to-day operations.
Jeopardy assessments against the individual were valid. The individual did not show that they were not signed by the Chief Counsel pursuant to Code Sec. 7429(a)(1)(A), and the government was not required to provide notice of the factual basis of the assessments pursuant to Code Sec. 7429(a)(1)(B). Such notice provisions are for the taxpayer’s protection in case the IRS uses summary administrative remedies; they are not a prerequisite for filing a civil action. Finally, the IRS was not required to credit partial tax payments by the company as employee withholding taxes. The individual did not present specific evidence that the company validly designated the amounts as payments of withholding taxes.
Make no mistake about it, if your company has delinquent payroll taxes, the IRS will find you and fine you. I cannot stress enough that the IRS is the most aggressive collection agency with the ability to pierce the corporate veil and go after the owners/shareholders/members individually. Liability for delinquent payroll taxes can be assessed against CPAs, EAs, accountants, and bookkeepers.
While the law merely looks to the elements of responsibility and willfulness when assessing payroll tax penalties, the key to liability is determining who has control of finances within the employer corporation or business - such as those persons with the power and responsibility within the corporation to assure for seeing that withheld taxes are collected and paid. This often applies to those with ultimate control, like signers on the bank account.
You can learn more about IRS payroll taxes by checking out our IRS Delinquent Payroll Tax FAQs page.
Tax Resolution Services is a team of expert tax attorneys, CPAs, and Certified Tax Resolution Specialists who are here to help you with your IRS payroll tax problems. You can call our office today at 1-866-IRS-PROBLEMS for a free tax resolution consultation or visit www.taxresolution.com
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