The IRS views failing to pay payroll taxes as major violation of your tax payment duties since portion of the payroll taxes are your employees’ withholdings held in trust by you to send on to the appropriate agency. Not paying your company’s payroll taxes is violating your fiduciary duty regarding trust payments in the eyes of the IRS.
Bankruptcy will not protect you either in your business or personally from the employee portion of funds you withheld from the employees pay to send to the appropriate agencies. As a result, penalties for failing to pay your payroll taxes and filing your payroll tax returns on time are much more severe than other types of penalties.
If you are behind on paying payroll taxes for your company, contact us! We can help you through the process to resolve your situation.
Get a complimentary consultation on how to resolve your payroll tax problems by completing the form below.