Avoid IRS Collections and Properly File and Pay Payroll Taxes

"Payroll taxes" refers to the Social Security tax and the Medicare tax on an employee's wages. Social Security taxes are designed so that benefits are provided to retired workers, the disabled, and the dependents of both. Medicare taxes are designed to provide medical benefits for certain individuals when they reach the age of 65.

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Failing to properly file and pay payroll taxes is a serious matter. IRS collection penalties from delinquent payroll taxes can add up to 33% within less than one month of your payroll tax filing after the due date, and that doesn't even include interest!

When it comes to delinquent payroll taxes, the IRS has a wide scope of authority. Not only can the IRS charge interest on the delinquent payroll taxes but, in certain circumstances, it can also go after individual Owners, Officers, and even certain employees and their personal assets. This means that if you, or someone else within your business, are found to be willfully and intentionally responsible for the business's failure to pay payroll taxes, you could be held personally liable for a portion of the delinquent payroll tax and be considered guilty of a federal crime. Personal assets that IRS collection efforts can target include bank accounts, property, and other items of value. In some cases, the IRS may go after the company's assets (including levies on wages and bank accounts) or even liquidate the company itself and sell its assets in order to satisfy the delinquent payroll tax debt, all without even so much as a court order.

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The IRS collections process begins with an investigation and, assuming it makes an assessment against you or other employees of the company, it can then begin IRS collection efforts aimed at both the company and your personal assets.

Avoid IRS collection efforts due to delinquent payroll taxes. Contact a professional today if you have any questions about how to file and pay your payroll taxes correctly.