April 15th has come and gone. If you are reading this, you have survived and are now very relieved. But for some of us, it was a bit like being on the Titanic. Some history buffs might recall that the great ship hit an iceberg just before midnight on April 14, sinking a couple of hours later -- on April 15.
For some business owners, they know when they hit the tax-code iceberg by falling behind on payroll taxes, but they're unsure of how long it will take for their firm to sink and what their chances are if they abandon ship from the wieght of paying back taxes.
As business owners know, you are required by law to make regular deposits of the payroll taxes you withheld. The taxes include withheld income tax, and taxes for Social Security and Medicare. Many businesses must also report FUTA (federal unemployment taxes).
You must make either semi-weekly deposits or monthly deposits. Regardless of which deposit schedule you are on, if you do not meet the schedule and make those deposits, it is very possible that you will one day soon be meeting an IRS agent in person.
In order to keep your business open and operating, you will need to be able to quickly give detailed answers to complex questions about your business, assets, employees, deposits, IRS requirements and so on. In some of these payroll tax disputes, a business owner will face significant civil penalties. In other circumstances, he or she might well face not only civil penalties but criminal tax charges as well.
In either situation, you will immediately understand why it's so important to have at your side an attorney who can help you protect yourself, your rights, your business and your assets. The experienced tax attorneys at Robert J. Fedor, Esq., L.L.C. are ready to help. Please take a look at our Employment Tax Disputes page for more information about how we can serve you from our offices in Cleveland, Ohio, and Chicago, Illinois.
