BUSINESS TAXES (940 & 941 TAXES)
A business that has employees is required to withhold and pay over collected
payroll taxes to the Internal Revenue Service.
Failure to do so can result in a tax lien against the business for those taxes.
What owners and/or bookkeepers fail to realize, until it is too late, is that in
order to encourage a business to timely pay their payroll taxes, the
IRS is allowed to assess a "trust fund recovery
penalty" against any individual that the IRS
deems may have been responsible for payment of the taxes. This penalty can be
assessed against a shareholder, director, officer, employee and/or any individual
who may be authorized to sign checks on behalf of the business. The
IRS can designate more than one person as a
responsible person.
Once the IRS has determined that an individual
is a responsible person, they may propose filing a tax lien against that individual
for the trust fund recovery penalty and begin collection proceedings against that
individual for the taxes owed.
Should your business owe delinquent payroll taxes and wish to discuss what options
you may have, please e-mail me at
helptax@nauticom.net or contact me at (412)364-6990 or (724)612-2993.
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