PAYROLL AND EMPLOYMENT TAXES

Why It’s Important to File and Pay

In the opinion of the IRS, there's nothing more important than paying payroll taxes. That's because it's money that you have taken from your employees on behalf of the IRS. It's simply NOT YOUR MONEY, and you are responsible for turning it over to the IRS.

The penalties for failure to pay these taxes is therefore quite severe. Don't deposit the taxes and you get a 10% penalty for being just 15 days late.

Worse, if you don't pay the taxes at all, the IRS has the power to collect from ANY RESPONSIBLE PERSON IN THE COMPANY. That means the company officers or the bookkeeper or the payroll person. It doesn't matter if that person can afford the tax bill; the IRS can levy their bank accounts,

Did you know that there are more than 20 ways to calculate the same payroll tax penalty? The IRS calculation may not be the best one for you. You can use the one that causes you to pay the least!

What WBTax Can Do To Help

We can help you get back on track. We can often stop the IRS from enforcing Trust Fund Recovery penalties on individuals We can set up payment plans and other arrangements so that the taxes can get paid and you get the IRS off your back.

If your business is not able to pay payroll taxes due to strictly lack of cash flow, we'll take a look at your business model as well. Failure to deposit payroll taxes is often a warning sign of other financial distress that should be discussed with your accounting professional.

In any case, we'll stop the IRS from contacting you and we'll handle all the communications with them. You need to worry about the important things in your business; let us solve the tax problems.