Payroll Tax Trust Fund (penalties)
If you’re like most folks, when funds get tight, you figure you can double up on a payroll tax payment next month. But for now, you need that money to make ends meet.
IRS and your state taxing authorities don’t see it that way, though. Failure to pay payroll taxes constitutes theft in their eyes regardless of how good your intentions were. Penalties can be as high as 100% of the taxes owed. Sometimes penalties aren’t financial at all since IRS considers this situation actual theft. Penalties, in that case, could be spelled out in terms of months and years in prison! And you may be personally liable for the taxes as an owner, officer, or administrator of the business.
But there are ways to handle this situation to everyone’s satisfaction.
It may be that you are deeply in the hole due to several months or years of unpaid payroll taxes. You need someone with the knowledge, skill, and experience to help you out of this situation. Contact me so that we can get this situation under control before it gets out of hand.