Southwest Florida Business Owners – Are Your Payroll Taxes Up to Date?

If you fail to pay payroll taxes (941 taxes), you could be facing penalty and interest charges.

Payroll taxes from each employee are comprised of a combination of FICA withholdings and federal income tax. Here in Florida, unlike many states, we do not have a state income tax.

These taxes are held in trust on behalf of the employee and sent into the IRS. Should an employer fail to report and send the funds to the IRS harsh penalties can be incurred. The IRS takes payroll tax very seriously and it is collected and penalized.

Payroll and Federal Employment Tax Delinquencies are assessed substantial interest and penalties and can result in seizure of your business and personal assets.

In the realm of Federal Payroll (941) Tax law, the IRS has great authority to collect what they believe you owe, which means they can collect taxes from not only the business but also owners and any corporate officers listed. Even if the business has closed this liability does not end for the owner and officers. This stipulation is what is known as 100% tax. The individuals are liable, and this debt cannot be discharged even in bankruptcy.

Payroll Tax Penalties
If you fail to pay Payroll Taxes, you could face a variety of penalty and interest charges including: a penalty for filing a late return or corporate report, a penalty for making a late deposit or not making one at all, and interest on the delinquent taxes and penalties.

If you owe Payroll Tax or Employee Withholding Tax

It is in your best interest to resolve this tax debt quickly. The IRS taxes these types of taxes serious and will act aggressively to retrieve the debt.

Contact Naples and Fort Myers IRS tax attorney Todd D. Babbitt today to help you get this under control and get in front of this issue quickly.  www.babbitttaxlaw.com