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Tax Law Solutions
Tulsa Tax Law Attorney
Tulsa Payroll Taxes Attorney
Experienced Tulsa Tax Lawyers Help Businesses Manage Overdue Payroll Taxes
The IRS will assess costly penalties on overdue payroll tax that can jeopardize the survival of your business. The portion of your employee’s paycheck required to be withheld by the employer is considered to be held in trust by the employer until they are paid to the IRS. Once a business falls behind in making the IRS payroll deposit payments, it can be extremely difficult to catch up due to huge penalties assessed for failing to deposit withholdings and file quarterly returns (Form 940 or 941). Failure to file the payroll withholding 941 return results in a five percent penalty each month for five months. Business owners are personally liable for payroll tax debts. Do not wait for the IRS to come after you if you have fallen behind, seek advice from a Tulsa tax attorney.