Payroll Tax Delinquency
Getting behind, becoming delinquent with your company's payroll taxes can happen, and sometimes all too easily despite your best efforts to meet your IRS tax obligations.
If you are falling behind in payroll taxes, or have seriously fallen behind, there is some good news. Florida Tax Relief Center can connect you quickly and conveniently to BBB-A-Rated tax relief specialists who can stand by your side and help you with your personal or business IRS tax issue.
Owe IRS back taxes or facing IRS action for payroll tax delinquency?
Don't Wait to Get the Help You Need Today
It's a fact. Businesses that fail to file and pay payroll taxes, are routinely subject to serious IRS collection and enforcement action. Such action can be directed at the business or the owner(s) themselves. Action can include seizure of company assets, bank levies, or other painful actions. It never makes sense to ignore an IRS tax issue or problem. It does make sense to seek and get professional tax help, find out what your legal rights and options are and take advantage of Florida tax relief measures you are entitled to under law.
Help With Payroll Tax Delinquency
Even in good times, running a business, a profitable business, takes commitment, energy and good timing. In tough economic times, meeting your obligations is even tougher. However, when it comes to meeting obligations such as payroll taxes, we can't emphasize enough the importance of staying on track. Businesses that fail to make payroll tax deposits for themselves and their employees are putting themselves and their business at risk of experiencing tax liens, bank levies or more.
The IRS mandates employers keep or withhold taxes from their employee's wages and that they pay a portion of:
- Medicare Taxes
- Social Security Taxes
- Unemployment Taxes
- Federal Income Taxes
Employers are required to deposit the employees portion and the companies portion of the payroll taxes for each individual, and do so to the appropriate tax revenue agency. Included in those deposits are on-time payments of federal withholding taxes. In addition to federal agencies, state and local governments also collect income tax in the form of withholding.
Failing to meet those payroll tax obligations by becoming delinquent, brings with it serious consequences.
As if the battle to meet the Federal regulations, timetables and overall bureaucratic mandates isn't challenging enough, there's the additional reality and requirement for employers nationwide to meet state payroll taxes. The vast majority of states - excluding Florida and a few others which do not have a state income tax - require and enforce employers to meet state income withholding tax payments.
Tax delinquency, at the state and especially the Federal IRS level, is a serious matter that calls for serious attention. If you owe back taxes to the IRS, payroll or otherwise, it is recommended that you strongly consider taking advantage of the services of a BBB-A-Rated tax relief team that can help you navigate rough waters with the IRS -- and arrive at a tax relief remedy that, could not only help you breathe a lot easier, but possibly save you thousands of dollars as well.
Payroll Tax Delinquency and Penalties
Did you know that being late on a payroll tax brings with it an IRS penalty fee of 5% of the amount owed and increases in accordance with how late your payment is.
If you owe back taxes to the IRS, are struggling to make your IRS business payroll taxes, or have already become delinquent with payroll taxes, don't wait to get the help you need now. Failing to be proactive with your IRS issue could subject your business to tax liens, tax levies, and more.