Question: I own a small business and we had to shut down due to the Pandemic and in order to keep afloat, I did not send the IRS my employee’s withholding (941) taxes for a few quarters. How much trouble am I in?
Answer: Owing 941 payroll taxes is very different from owing personal income taxes. Not only can the IRS padlock the doors to your business, they can come after you personally, levy your bank accounts, confiscate your receivables and seize your property. Scarier still is that it could turn into a criminal matter. Why? Because the money has already been deducted from your employee’s payroll checks; so it’s not your money to begin with! The IRS will look at it as if you stole their money. Payroll tax delinquency is the IRS’s number one enforcement priority.
You need to get help from an experienced professional who deals with the IRS every day. The IRS and SBA have implemented special programs for business owners who have fallen behind on their payroll tax obligations. We can assess your situation and figure out the best way to protect you and will take over all dealings with the IRS so you don’t have to. Don’t let them take everything you’ve worked so hard for; call us today!
We at Jim Matthews CPA are experts in tax resolution and help taxpayers with their IRS Problems every day. Call us today at 972-613-3034 for a FREE confidential consultation. We can put a stop to the IRS’s aggressive enforcement tactics, but you have to take that first step and call us!