The Internal Revenue code calls for every employer to withhold amounts from wages as Social Security, Medicare and income tax payments. These amounts put together constitute the payroll tax which the employer has to hand over to the IRS along with the employer's share of Social Security taxes. Failure to collect and pay the payroll tax constitutes a violation of the Internal Revenue Code. The IRS can then move to impose penalties and interest and collect the tax debt just like any other creditor. Penalties and interest can balloon up into a huge amount bigger than the principal unpaid payroll taxes.
Do you have additional legal questions regarding payroll taxes? Our taxation law attorneys are here to help. Contact a taxation lawyer near you today to get the answers and information that you are seeking regarding personal tax laws and issues.
In order to find a feasible solution acceptable to the IRS, taxation lawyers can help in several ways:
An offer in compromise will allow you to settle the tax debt for les than what you actually owe. You can also ask for an installment payment agreement if you are unable to pay a lump-sum. You can also file for interest and penalty abatement if you can provide a good reason for the delay in paying the payroll taxes, such as incorrect advice sent to you by the IRS.
If the IRS has secured tax liens, your taxation lawyer can seek relief from the liens in many different ways. Once the liens have been withdrawn, you will be free to operate your business normally and arrange for funds to pay the tax debt.
Would you like to learn more about payroll taxes? Are you currently facing any problems regarding your tax filing or tax return? Our taxation lawyers are here to help you during your crisis. Contact a taxation law attorney in your area as soon as possible for more information about payroll tax laws.
Did you know?
You can use the IRS e-file for payroll tax returns.
Use of e-file will generate an official IRS acknowledgement within 48 hours. If you owe taxes, you can pay it with your credit card or authorize electronic withdrawals from your savings or checking account.