Two Wisconsin business owners have pleaded guilty to failing to pay payroll taxes to the IRS.
Lisa Bartz Vanden Elzen, 46, of DePere, Wisc., pleaded guilty to a felony charge of willfully failing to pay over to the IRS payroll taxes owed by her business, Dairy Transport Services. From July 2005 through December 2010, Bartz Vanden Elzen failed to pay $193,000 in payroll taxes that had been withheld from the wages
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It’s no secret the IRS is cracking down on small businesses with unpaid payroll taxes and past due employment taxes. If you are in need of business tax relief, here are 5 things you need to know:
#1: Understand the gravity of your situation. The IRS views unpaid payroll taxes and unpaid employment taxes as theft, and they carry severe consequences. Aside from penalties (33% plus interest at 16
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Each month, I post tax tips for business owners in my Tips from the TaxMan series on the “The Big Biz Show” blog. “The Big Biz Show” airs each weekday and is hosted by Sully & Russ ‘T’ Nailz, two San Diego radio and television personalities. The show covers current events, business trends, investment opportunities, live market updates, and more.
This week, I was inspired to share some
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There has been a lot of buzz about the IRS’s New Voluntary Worker Classification Settlement Program (also known by the acronym VSCP).  It’s on IRS.gov, going out in newsletters and major media publications are covering it in stories.  What I am not seeing covered yet is how this new settlement program as a disguised as amnesty for small businesses – like a payroll tax “fresh start” settlement program of sorts
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Small businesses can’t afford to fall behind on taxes.  In tough times, it’s more common for small businesses to do so, but the timing to fall behind on taxes is worse now than ever before.  The IRS is hitting small businesses hard – resulting in levies, inability to get loans and more.  In The Wall Street Journal, reporter Marshall Eckblad’s article, “Firms Squeezed on Tax Bills” explains.
According to the article:
“The
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While many business owners are struggling in the current economic climate, I want to emphasize that in addition to abnormal tax deductions, there are a number of other things that can trigger IRS audits, penalties, and potential jail time.
CBS Interactive Business Network BNET recently published an article, “How to Stay Out of Tax Hell” in which I shared important tax help advice for business owners, including how failure to pay
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Unpaid payroll taxes are no joke to the IRS.  The unpaid taxes will generate huge IRS penalties and debt, and may be considered a federal crime, especially when the unpaid payroll taxes amount to millions, as in the article below.  Payroll tax help is available through Tax Resolution Services – we have helped businesses across the nation resolve payroll tax problems, which has saved many businesses.  Payroll tax troubles can mean the end of a business,
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The money collected from payroll taxes by an employer should not go back into the business.  These taxes are to be turned over to the government no later than three days after the pay date of the payroll checks.  When a business fails to adhere to this, they are looking to get into deep trouble with the IRS.  Payroll taxes are considered a “trust” tax and nonpayment of them is essentially
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An employer’s obligation concerning payroll taxes is twofold: 1. withhold the proper amount of payroll taxes from all employees 2. pay the taxes owed to the IRS with the withheld money.  The downfall of many businesses is when they use collected payroll tax money to pay their operating expenses.  When a business owner avoids turning over the payroll taxes to the IRS, they may not realize the amount of penalties and interest
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Are you a small business owner or an independent contractor? If yes, did you know that the IRS is stepping up their enforcement just so that they can go after taxpayers like you more aggressively? The IRS assigns a higher priority to the collection of payroll taxes than personal income taxes.
Don’t let the anxiety of a potential IRS audit keep you up at night. Let us take the stress off
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Are you paying more to Uncle Sam than you need to be?
Surely no one wants to give the IRS extra cash that would otherwise stay in their own pockets. My partner Brian Compton recently shared some expert tax help tips on the Big Biz Show on how taxpayers can minimize their tax bill this year by taking full advantage of their allowable tax deductions.
Below are some top tax deductions taxpayers
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As stated on the Tax Resolution Services’ Payroll Tax Problems webpage, “Borrowing from payroll taxes is against the law and can land you in prison”.  Well, embezzling from payroll taxes will land you in prison, like this office manager from Illinois who embezzled from the employee benefit plan and failed to pay employment taxes.  She took a gamble that she wouldn’t get caught by the IRS and she lost!
An Illinois
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With 2009 drawing to a close, many business owners may be looking at their bottom line and pondering additional ways to save money for the upcoming 2010 year. While skimping on paying payroll taxes may get you in deep IRS trouble, educating yourself on acceptable ways to save financial resources will help your business survive and thrive.
The most effective way to go about this is to understand the tax incentives
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In this weak economy, many individuals and businesses – both big and small – are struggling to make their payroll tax deposits and many are falling behind.
Payroll tax problems can be the “kiss of death” for many business owners as IRS penalties can add up quickly! Payroll tax debt should not be taken lightly -  IRS levies on wages and bank accounts can cause you to lose your business!
Popular radio
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President Obama announced an overhaul of the tax code to “detect and pursue” U.S tax evaders and go after their offshore tax shelters.
The President’s two-part plan calls for nearly 800 new IRS agents to enforce the U.S. tax code – and help wage war against multi-national corps and their offshore tax havens.
Under the current tax code, companies with operations overseas pay U.S. taxes only if they bring the profits back
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