Generally, a business owner wants to avoid anything that could put their business’ success in danger. One of the things that can have major negative effects on a business’ financial health and future is tax problems.
There are a great many different requirements that tax law puts on businesses and business owners. Thus, there are a variety of different tax problems that could potentially arise for a business. One is payroll tax problems.
A requirement to regularly submit withheld payroll taxes is one of the tax requirements placed on businesses. If after an IRS audit, a business is accused by the Internal Revenue Service of having not complied with payroll tax rules, such as not having sent the IRS withheld payroll taxes it was supposed to, it could lead to the IRS taking actions against the business which could have some major effects.
Things that payroll tax disputes with the IRS can sometimes lead to include:
- The IRS putting a business under tax investigation.
- The IRS bringing criminal charges against a business owner.
- The IRS requiring a business to close down operations.
- The IRS seizing assets of a business.
These sorts of IRS actions can deeply impact a business owner and can put their business’ very future in peril. Thus, when a payroll tax problem arises for a business, it can be very important for the owner to take prompt proactive action to address the problem, rather than to just ignore it and hope that it ends up being nothing. By being proactive, a business owner may be able to help minimize the effects the problem has on their business.
Our firm can provide assistance to owners of businesses that are experiencing payroll tax problems. We work hard to help our clients who are dealing with payroll tax issues find resolutions to such issues that will allow their company to keep going strong.
