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Payroll Taxes

Babbitt Tax Law > Payroll Taxes

How To Tell If Your IRS Notice Is For Real?

There are few letters which can arrive in the mail that make your stomach turn like an IRS notice. Unfortunately, scammers have figured out how to take advantage of this socially inherent fear by sending fake letters claiming to be from the IRS because they know they will get people’s attention. Since the IRS does not send out letters or notices that contain threatening language, it is important that you verify that the documents you receive are from the agency. Doing so will allow you to protect yourself from identity theft. Here’s what you need to know about how to tell if...

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

payroll tax penalties and interest

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...

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