Employment Tax Liability

            No one can dispute that running a business is tough work.  You are the first one there in the morning and the last to leave.  Customers and suppliers make daily demands for your time, your money, your attention.  Add to that the mountain of paperwork required by the federal, state and municipal taxing authorities and you have a pretty full day. The IRS understands this and is trying to reduce the amount of paperwork you need to file for your employees and for your income reporting.  However, despite their best efforts, the mountain gets bigger every year and the employment taxes you need to pay are a burden, no matter how well your business is doing. 

            Many businesses, though, feel that when times get rough, the employment tax bill is the last one to pay.  The IRS can wait, the suppliers cannot.  After a few quarters or years of this, the IRS will eventually send you a bill, and it will be large.  What is worse, if you are a corporation the IRS can pursue your personal assets if you failed to send to them the amounts that you withheld from your employee’s paychecks.  This is referred to as the Trust Fund Penalty.  Imagine - several years after your unsuccessful business has shut down getting a bill for employment taxes that you should have paid five years ago. 

            We can quickly assess your liability for past due employment taxes, seek penalty abatement when appropriate and work with the IRS on a plan that you can live with.