Experienced Idaho Tax Lawyers Help Businesses Manage Overdue Payroll Taxes
Protecting business owners in Boise and throughout the state
If you are a business owner dealing with a payroll tax issue, it is certainly not business as usual. IRS payroll tax problems can be overwhelming for you, the business owner. The IRS takes these issues very seriously, and the penalties it imposes on businesses can threaten their survival. At the Boise tax law firm Martelle & Associates, P.A., we may be able to help you resolve your IRS problems and keep your business intact.
How payroll taxes work
A portion of an employee’s paycheck is withheld to fulfill the requirements of government-sanctioned payroll taxes. These taxes are considered to be held in trust by the employer until they are paid to the IRS. To say the least, the IRS takes a negative view of anyone in business who uses these funds for any other reason.
In our experience, once businesses fall behind in making the IRS payroll deposit payments, it can be extremely difficult to catch up. It creates a domino effect, and the situation often spins out of control.
The IRS assesses huge penalties for failing to file the payroll withholding returns (940 & 941) and to deposit the collected payroll taxes. For example, a failure to file the payroll withholding 941 return results in a five percent penalty each month for five months. Onerous penalties also apply if you fail to deposit the collected payroll withholdings.
Unlike most unpaid debts, if a business does not make the deposits for its payroll withholding, or if it misses a filing for the payroll returns, there can be a delay of several years before the IRS sends a notice on the matter. But once the IRS steps in, the business can face seizures and other penalties.
How getting behind in payroll taxes can affect you
If your business has multiple partners or owners, each of you could be liable for the withholding issues associated with the past taxes and assessed with a Trust Fund Recovery Penalty. But an effective tax attorney can determine if a particular individual ought to be held liable. For example, a business owner who did not have financial responsibilities in the business may not be held responsible for the payroll tax problems.
An array of solutions is available to you if you need help resolving payroll tax problems, including:
IRS installment agreements
Offers in Compromise
But it is of paramount importance that you take the steps today to give yourself the best chance of resolving the issue.
The Boise tax lawyers of Martelle & Associates, P.A. are proud of our positive record for resolving payroll tax problems between businesses and the IRS. We use our vast knowledge and apply it to your case with fervor and commitment.
Take control of your payroll tax issues with the help of an effective Boise tax lawyer
To give yourself the best chance of warding off IRS penalties against you and your business, take action and call Martelle & Associates, P.A. at 208-938-8500. We can help you get a fair deal. We serve clients throughout the state of Idaho, including Boise, Eagle, Idaho Falls, Pocatello, North Idaho, Twin Falls, Meridian, Nampa and Caldwell, as well as Malheur County, Oregon.