Payroll Tax Debt Relief Solutions
Have You Missed Paying Payroll Taxes?
We Can Settle Payroll Tax Debts
If your business pays income to employees, you must withhold payroll taxes from their wages, including Medicare, Social Security, and federal income taxes.
You are also responsible for depositing the income tax withheld and filing quarterly payroll tax returns with the Internal Revenue Service.
If you are late depositing payroll taxes or filing your return, the IRS will impose 941 late payment penalties. The IRS can be very aggressive in collecting the tax debt, not only from your business but also from the owners and officers. They can even garnish your business accounts and file tax liens against your assets.
To lift these penalties, you need the help of a tax lawyer with years of experience settling payroll tax debts for employers like you. For a free consultation, contact Delia Law.
When Should You Deposit Payroll Taxes?
Late Deposit Penalties
When & How Must You File?
You must file Form 941, the business quarterly tax return, by the last day of the month that follows the end of the quarter. For example, if your quarter ends in April, you must file a return by May 31 to avoid 941 late payment penalties.
If you fail to file your quarterly tax return by the deadline, the IRS will assess a series of penalties.
Late Filing Penalties
How to Pay Late Payroll Taxes
Finding Crucial Professional Guidance
To avoid penalties for late payroll taxes, you need a tax relief lawyer who can assess your financial situation and devise the best tax solution for you. Even if you are not eligible for penalty abatement, you can settle your payroll tax debt for less than the original amount with an Offer in Compromise or by negotiating a payment plan.
Note that the IRS will dismiss late filing penalties if you successfully file a penalty abatement.