What Is An Unpaid Payroll Tax Debt?
If you own or have owned a business with employees, the IRS assesses what is termed 941-employee business payroll withholding tax. This payroll tax is due at the end of every pay period and/or operating quarter, and if it is not paid, penalties and interest will begin to accrue. If this payroll tax debt is neglected long enough, the business can be closed and all assets seized to satisfy the IRS debt.
941 business payroll withholding tax debt is widely considered to be the worst form of tax debt as the IRS considers it “stealing” directly from the government. Though the IRS is extremely aggressive collecting business payroll tax, businesses have very specific, enforceable rights that they are entitled to, and if enforced effectively, can help stave off collections and save the business.
941 Business Payroll Tax Debt Can Be Resolved Fairly
Depending on the variables of the case, the business payroll taxes themselves can often times qualify for a settlement proposal, and the associated penalties successfully abated. Upon assuming power of attorney, our firm can request a reprieve against collections, buying time for the business to map out the most affordable repayment plan without suffocating operating costs. The wrong thing for a business to do is to try and tackle business payroll tax debt on its own and negotiate directly with the assigned revenue officer!
Whats the next step?
The first step towards successful resolution is to acknowledge that your payroll tax debt won’t go away on it’s own and to seek professional assistance. Our firm of tax professionals has helped thousands of individuals and businesses just like you stop forced collections and finally resolve their tax debt.