Unpaid IRS Payroll Taxes
Unpaid payroll taxes are potentially one of the most dangerous types of taxes to not pay. Severe penalties can be imposed upon (1) making payroll tax deposits late (from 2% to 15% of the underpayment), (2) filing payroll returns late (up to 25% of the unpaid payroll taxes), and (3) the individual(s) who were responsible for withholding and remitting certain payroll taxes (100% of Trust Fund Taxes). In addition, interest is charged on outstanding tax liabilities.
When unpaid payroll taxes exist, there may be strategies and techniques available for minimizing the potential penalties that the IRS may impose. We can help you in this extremely complicated area to attempt to develop the most advantageous strategy to you in addressing unpaid payroll taxes.
To take advantage of these strategies and techniques to minimize the penalties associated with payroll taxes, it is important to address the situation as early as possible. This is especially true when the taxpayer does not have sufficient funds to immediately satisfy the entire amount of the payroll tax liability. This is where experienced professional advice can prove invaluable.