As a small business owner, dealing with employees can be time-consuming and often frustrating. You not only have to find the right candidates (hiring), but also manage work schedules, and deal with other staffing issues. If paychecks are incorrect, or you withhold the wrong amount of payroll taxes, you could have some angry employees on your hands – or worse – the IRS auditing your books. At Tax Defense Network, we can take the headache of dealing with payroll off your already overflowing plate.
Our payroll solutions package includes the following:
A comprehensive business review & analysis
Customized online payroll services with mobile support
Small business payroll management & reporting
Automated small business payroll tax filing
To learn more about our affordable small business payroll solutions, schedule a free consultation today.
What is Payroll Tax Relief?
By law, all employers must withhold payroll taxes from their employees’ wages. This includes Social Security, Medicare, and federal taxes. These funds, along with the employer’s portion of the payroll tax, are then sent to the IRS. Most business owners remit these taxes on a quarterly basis. If you withhold too little or neglect to pay the required amount, the IRS will notify you of the amount overdue. You could owe tax penalties and interest, as well as the overdue amount. Disregarding the notices may result in collection actions, such as a tax levy, lien, and/or wage garnishment to satisfy the debt. In extreme cases, where fraud is suspected, your case may also be referred to the Department of Justice.
Whether you’ve neglected to withhold the correct amount, experienced financial strain and are unable to pay, or had to close your business, payroll tax relief can help get the IRS off your back. At Tax Defense Network, we offer a variety of payroll tax relief options to help you address your specific situation, including:
Payment Plans Allows you to pay your overdue payroll taxes over time.
Offer in Compromise Depending on your situation, we may be able to reduce or eliminate your tax debt.
Currently Not Collectible If you’re experiencing extreme financial difficulties, the IRS may suspend all collection actions against you.
Don’t let delinquent payroll taxes derail your business. Schedule a free, no-commitment consultation with one of our tax professionals today. We can work with the IRS on your behalf and help settle your tax debt.
Tax Defense Network
“It has been a true pleasure working with Tax Defense Network on an outstanding tax issue with my former small business. My Senior Tax Analyst was extremely knowledgeable and very professional in his communication and representation on behalf of TDN. Thank you for your service.”
— Douglas C.
Payroll Tax FAQs
Q:Are payroll taxes federal or state?
Payroll taxes are both federal and state taxes that employers must withhold and pay on behalf of your employees.
Q:What are the payroll tax penalties?
If you don’t make your payroll tax deposits on time, there are many penalties you could face depending on your situation. These include:
Failure-to-File Penalty: If you don’t file Form 941 or a similar form (like Form 945 and Form 944), you could be hit with this penalty. This penalty is 2 percent for forms filed 1-5 days late, 5 percent for 6 to 15 days late, 10 percent for more than 16 days late (but before 10 days from the date of the first notice from the IRS asking for the balance due), 15 percent for any amount still unpaid more than 10 days after the date of the first notice from the IRS.
Trust Fund Recovery Penalty: This penalty may occur when there is a failure to pay payroll taxes when they’re due. It will fall on the responsible party and is 100 percent of the unpaid tax, including any penalties and interest.
While the IRS offers many easy payment options, payroll taxes must be made electronically through the Electronic Federal Tax Payment System (EFTPS). When using this system to file your payroll taxes quarterly or monthly, your funds will be withdrawn directly from your checking or savings account. Therefore, you cannot pay your federal payroll taxes with a credit card.
Q:How much does payroll tax relief cost?
Our pricing is very affordable, even for new business owners. We can give you a quote during your initial free assessment.
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