Payroll tax problems can be the kiss of death for many business owners as IRS payroll tax penalties can add up quickly
Encino, CA (Vocus) May 12, 2010
In this weak economy, many businesses - both big and small - are struggling to make their payroll tax deposits. With the federal government looking for ways to fund deficit-reduction activities as well as close the growing tax gap, the IRS is taking a closer look at employment tax returns, and stepping up increasingly aggressive collection efforts for unpaid payroll taxes.
According to Certified Tax Resolution Specialist Michael Rozbruch, delinquent payroll taxes can be the downfall of many otherwise successful businesses. And in this economy, many businesses may find themselves in a cash flow crisis, tempted to “borrow” from the money they collect from employment taxes to pay operating expenses until things improve. But what many businesses don’t know is that the IRS views non-payment of payroll and employment taxes as 'theft’ and thus it carries severe consequences.
“Payroll tax problems can be the kiss of death for many business owners as IRS payroll tax penalties can add up quickly,” said Rozbruch, founder and CEO of Tax Resolution Services, Co., a company that provides affordable IRS and business tax relief. “The IRS assigns a higher priority to collecting unpaid employment taxes than income taxes so incurring payroll tax debt means you risk losing your business, having your assets seized and being held personally liable!”
Rozbruch adds that it’s more important than ever for small business owners to know how to avoid common payroll tax problems and how to resolve tax audits to protect the future of their businesses.
“The IRS assigns a higher priority to collecting employment taxes than income taxes so it’s much more difficult to negotiate a tax settlement such as a long-term installment agreement for unpaid payroll taxes,” Rozbruch said. “There's a lot more at stake for our clients than just cutting a deal with the IRS to save money - resolving their payroll tax problems is about saving their companies.”
Tax Resolution Services, Co. is dedicated to providing affordable solutions to businesses and individuals alike who find themselves in trouble with the IRS. Their expert team of tax attorneys, CPAs, and Certified Tax Resolution Specialists has a success rate of 90% - second to none in the industry - and an Offer in Compromise Settlement Rate of $0.11 on the dollar. For more information or to receive a FREE tax relief consultation, visit TaxResolution.com or call 866-IRS-PROBLEMS.