As a small business owner of a company with employees, it’s your obligation to both collect payroll taxes and to promptly submit the collected funds to the IRS. Payroll taxes are deducted from employee wages as Social Security, Medicare and income tax withholdings and then generally deposited with the IRS no more than three days later.
Handling your business’s payroll taxes isn’t optional; failure to collect, deposit, or otherwise properly manage your company’s payroll taxes can result in major problems. Long-term failure to comply with payroll tax laws means the IRS can punish company owners, directors, and/or other management. If that does not yield results, the IRS will move to close the company and sell off its assets. Payroll tax problems nearly always result in fines and penalties, but in some cases, they can even be considered federal crimes.
We’re not kidding when we talk about how serious payroll tax problems can be! If you’ve found yourself in hot water with payroll taxes, Taxation Solutions, Inc. can help get your company back on the right track. We specialize in business tax help for Cincinnati-area businesses, and we can help companies of all shapes and sizes. Our knowledgeable team can get to the bottom of your payroll issues, negotiate with tax authorities, and work out solutions to cover undeposited funds, penalties, and other monies owed. In short, we’re here to get your business back on its feet after a payroll tax issue.
For more information, or to learn how we can assist in your specific situation, contact us for your free estimate today.