Helping You Catch Up on Payroll Taxes
As you know the government works aggressively to ensure businesses are up to date on their payroll taxes. Penalties and interest assessed on late payments can send a small business into a financial spiral. And if the tax is neglected long enough, the government can close you down and seize all your property to pay off the debt.
Not only is your business at risk, you may be held personally liable as well. If the IRS determines that your business cannot pay its past due taxes, they will look to the assets of the business owner.
Filing Requirements:
Federal law requires you, as an employer, to withhold taxes from your employees' paychecks. Each time you pay wages, you must withhold - or take out of your employees' paychecks - certain amounts for federal income tax, social security tax, and Medicare tax. Under the withholding system, taxes withheld from your employees are credited to your employees in payment of their tax liabilities.
Federal law also requires you to pay any liability for the employer's portion of social security and Medicare taxes. This portion of social security and Medicare taxes is not withheld from employees.
Employers are required to use Form 941 to report:
payroll taxes (withheld federal income tax and both employee and employer shares of social security and Medicare taxes) for the quarter;
current quarter's adjustments to social security and Medicare taxes for fractions of cents, sick pay, tips, and group-term life insurance; and
prior quarters' adjustments to payroll taxes (attach Form 941c).
Effectur’s staff of tax professionals can help you get back into 941 compliance, manage the enforcement efforts of the IRS, and negotiate a settlement that works for you and the for the government. With over 100 years of combined IRS experience on staff, Effectur is uniquely qualified to resolve your 941 payroll tax issues.
Call us today at 1-800-834-7214 for a free consultation. We’ll outline a roadmap to recovery allowing you to catch up on past due taxes and focus on the success of your business.