Earlier this year, the Internal Revenue Service began employment tax audits of approximately 6,000 U.S. companies to provide statistical data for the National Research Program study of employment tax compliance.
During this process, the IRS is also prioritizing the collection of unpaid employment taxes from both businesses big and small. This means no one is safe from IRS audits as Uncle Sam zeros in on randomly selected companies and individuals in order to take back what he’s owed.
The IRS estimates that companies underpay employer taxes by $14 billion each year. The IRS is selecting 2,000 companies at random each year for the next three years and putting their most experienced agents on the task to step up their increasingly aggressive collection efforts for unpaid payroll taxes.
Businesses that owe past due employment taxes need to be aware that the IRS has unyielding power and authority to seize and liquidate, as well as shut a business’ doors without a court order, intercept customer payments and assess staggering financial penalties.
The IRS is slated to select the second 2,000 employers at the end of 2010, so we can expect the number of IRS audits to continue to rise for business owners, many of whom may struggling in this current economy. Our team at Tax Resolution Services helped businesses across the nation get payroll tax help and permanently resolve their employment tax debt problems, so I can’t emphasize enough to business owners the importance of getting expert representation for business tax audits to protect the future of their companies before it’s too late.
Tax Resolution Services, Co. is dedicated to providing affordable solutions to businesses and individuals alike who find themselves in trouble with the IRS. Our expert team of tax attorneys, CPAs, and Certified Tax Resolution Specialists has a success rate of 90% – second to none in the industry – and an Offer in Compromise Settlement Rate of $0.11 on the dollar. For more information or to receive a FREE tax relief consultation, visit www.TaxResolution.com or call (888) 699-7630.
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