Payroll Tax

If you own or have owned a business with employees, you know that every quarter you must file a Form 941 with IRS showing the wages you paid and the taxes you withheld from your employees. If you do not pay these “employment taxes” on a timely basis, you can incur substantial penalty and interest charges—making it virtually impossible to catch up. If these taxes remain unpaid long enough, IRS can literally close you down and seize all assets in order to satisfy the debt.

Employment taxes are called “trust fund” liabilities, because they represent amounts that were withheld from your employees’ wages. You hold these amounts in “trust” until they are required to be paid to the government. Since these trust funds actually belong to your employees, IRS becomes very aggressive if they are not paid on time. In fact, this is one of the only tax liabilities that can pierce the corporate veil so IRS can go after the individuals that were responsible for making the payments.

We can assess your situation and help you plan the most affordable solution possible.

Call 615-893-2269 for a free consultation.