Solving Payroll Tax Problems for Companies in Texas
Your job as an employer is to turn over your employees’ withheld taxes to the IRS. You must also withhold and pay all your employeesâ€™ social security and Medicare taxes.
By law, the IRS then gives your employees the benefit of all taxes withheld by you.
However, when you don’t hold up your end of the bargain, the government loses money and looks to satisfy what’s missing from your business assets. If you canâ€™t pay on behalf of your business, the liability may fall on you â€“ and IRS collection activity can get aggressive.
Among the actions the IRS can use is imposing a Trust Fund Penalty, which is a fine held in trust for the government equal to the portion of the payroll taxes withheld from your employeesâ€™ pay. Penalties can also be assessed against more than one individual.
An Offer in Compromise or Installment Agreement can help you resolve the fees caused by unpaid payroll taxes. Understand that if you’re behind on your payments to the IRS, you’re not alone. The slow economy has made it difficult for many Texas business owners to keep up with required payroll tax and quarterly payments.
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