Owning a business goes beyond hiring great people and providing great products and services – it’s about doing what you love with people you believe in. But when tax problems get in the way, they can hamper operations and your passions.
Many businesses neglect or poorly manage tax responsibilities, leaving them with piling payroll tax liabilities and corresponding penalties from the IRS. Here are a few ways to avoid payroll tax issues:
Addressing Your Payroll Tax Debt
Like other types of tax debt, payroll issues can trigger aggressive IRS collection actions including levies, liens, or even criminal prosecution. Even if you avoid escalated IRS actions, the ultimate cost of your debt may be more than you can afford after mounting interest and penalties. This puts you, your business, and even your employees in a bad spot.
Don’t throw your hard work away by letting your tax debt engulf you and your business – there is a way to fix things. Consult with a licensed tax professional to help get your business tax issues resolved so you can focus on what you were meant to do.