Atlanta Payroll Tax Services
If you are self-employed or own a business, one of the most important things to stay on top of is your payroll taxes. Failing to stay current on your payroll tax obligation can land you in hot water with the IRS. That’s because the tax obligation is not limited to your personal taxes; payroll taxes represent your employees’ tax withholding. In the eyes of the IRS, if you don’t remit the payroll taxes regularly as required, you have, in effect, stolen your employees’ money.
Remitting Payroll Taxes
Your current payroll taxes should be remitted by EFT to the IRS. Businesses that meet certain criteria are allowed to submit payment with either their quarterly estimated taxes or monthly tax filings.
Depending on your total tax liability, you are generally required to send payroll taxes to the IRS either semi-weekly or monthly.
Whenever your taxes are remitted to the IRS, payroll taxes need to be separate from non-payroll tax obligations.
If you are late in paying your payroll taxes, or if you don’t remit the correct amount, you can expect to be hit with penalties that can drastically raise the amount you owe, very quickly.
If your payroll taxes are late, here are the penalties you can expect, unless you are able to document that the delay was not one of willful neglect and was out of your hands:
These amounts are steep enough, but the penalty may rise to 15% if the taxes are still unpaid ten days after the date of the first notice sent by the IRS, or the day you receive notice and a demand for immediate payment, whichever is earlier.
In some cases, the IRS can also impose criminal penalties for unpaid payroll taxes. You can be sure that the IRS will aggressively try to collect on unpaid payroll taxes. It is possible that they will take action including seizing your business assets, effectively forcing you to go out of business, rather than letting you continue to accrue unpaid payroll tax obligations.
Help with Unpaid Payroll Taxes
If your business is behind on its payroll tax obligations and you are unable to make payment in full immediately, it is very important to have professional representation for any and all meetings with the IRS.
When you work with a tax specialist, you can have peace of mind knowing that you are not facing the tax collectors alone. We know how the IRS operates, and we can provide guidance on how to prepare for, and how to navigate meetings and other communication with the IRS. The ultimate goal is to keep you in your business by finding a way to resolve the unpaid taxes that will satisfy the IRS and be manageable for you.