The IRS expects you to pay the payroll taxes on time, obviously. This means that paying past due payroll taxes as fast as possible can be extremely important. The penalty depends on how late you pay them, unfortunately. Unfiled payroll taxes will not only be penalized (plus interest) by the IRS, they can also trigger an audit.
It’s also worth noting that an IRS audit can also be triggered by returns due. We know that sometimes you simply can’t find the time to work on your tax returns, especially if you are trying to keep your business afloat during these troubled times. The IRS doesn’t care about this, unfortunately, so it’s very important to get professional help as soon as possible to avoid a potential penalty which can cause irreparable damage.
If you are having some problems with your past due payroll taxes or returns due in NYC, you can count on the tax professionals at Leading Tax Group. Our team, which includes tax attorneys, will work closely with you to try to minimize the penalties you will have to pay to the IRS. We have extensive experience filing late tax returns and paying past due payroll taxes.
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Headquartered in Encino, California with multiple local branch offices in your backyard to serve you at your convenience. Leading Tax Group can schedule a face to face consultation to represent your case with the IRS, FTB, EDD, as well as CDTFA Audits.
Penalties can be assessed and collection action can be taken against you. Extreme measures, such as shutting down your business operations, usually trigger an audit. Call Leading Tax Group for quick assistance with your payroll taxes.
The short answer is Yes. The IRS can also impose Civil Penalties/ Trust Fund Recovery Penalties individually to the principals of a business. This can add to your troubles, so it’s best to Call Leading Tax Group for assistance as soon as possible.
You will get penalties and collection action can be taken against you to recover the money. Remember, shutting down your business operations or filing for bankruptcy can trigger an audit. Call Leading Tax Group for professional tax assistance.
If you want to make payroll tax deposits and file a return to report, the Electronic Federal Tax Payment System (EFTPS) is the best tool to use. Keep in mind that you need to set up an account before you can file and pay payroll taxes.
This varies based on IRS categories. It is typically related to the volume and frequency of your payroll overall. However, the quarterly tax and wage report should be filed before the last day of the month following the calendar quarter.
In most cases, the employer is held accountable for unpaid payroll taxes. Sometimes, other officers /payroll processors can be held accountable, especially if Civil or Trust Fund penalties are assessed.
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