If you have ever owned a business with employees (past or present) and you owe Employee Withholding Tax (941), then you need to clear up your tax problem right away. The IRS is extremely aggressive when it comes to payroll taxes. When they are not paid timely, your income, assets, and business reputation can be jeopardized.
When payroll taxes (940/941) are neglected for an extended period of time, the business could be forced to close, and all assets can be taken to fulfill the tax debt. Whether or not the business is closed, you need to make a plan to pay the taxes and resolve the debt. The IRS will not go away when they think you have their money. By not paying or making arrangements to pay your tax debt, your personal finances, along with the businesses finances, will be in jeopardy.
If you’re business is currently under the IRS’ radar, give us a call. Our tax consultants specialize in Payroll Tax Issues. They will present all options that are available to you and will work to get you the best possible outcome.