Business Taxes Attorneys - Delinquent Sales Tax Liability - Tax Lawyers
Are you struggling with delinquent sales tax liability? Are you behind in filing your quarterly 941 payroll tax returns? Is your business in danger of being shut down as a result of unpaid taxes on the state or federal level?
If you’ve fallen behind in any of your business tax obligations and feel like you’ve been backed into a corner, we can help. Let one of our experienced IRS tax attorneys work with you to get you off the IRS hot list and make sure that your financial assets are protected. Contact us now for an expert analysis.
What are payroll taxes?
Payroll taxes are the taxes that employers are required to withhold from employee paychecks, as well as the taxes that are paid from the employer’s own funds (which may be proportionally related to employee earnings, or may be a fixed cost).
Some of the most common payroll taxes include:
- Standard withholding is the regular income tax that must be withheld from employees' paychecks. Employees can adjust their income tax withholding by filing Form W-4 with their employer and designating the number of withholding allowances they wish to claim. Ideally, the total income tax withheld should come close to equaling their overall tax liability at the end of the year. By adjusting their withholding allowances properly, employees can avoid owing large amounts in taxes. Some employees even choose to have more taxes withheld, in order to receive a larger tax return at the end of the year.
- Federal Insurance Contribution Act (FICA) taxes are the taxes that include contributions to federal Social Security and Medicare programs. Currently, employers are required to withhold 7.65 percent of the first $62,700 of an employee's income for FICA taxes. Employers are also required to match that amount for every employee, so that the total FICA contribution is 15.3 percent. Self-employed persons are required to pay both the employer and employee portions of the FICA tax.
- Federal Unemployment Tax (FUTA) provides for payment of unemployment compensation for workers who have lost their jobs. This tax is approximately 1 percent of the first $7,000 in wages paid to an employee. This tax is paid in full by the employer to both the Federal and State government, and is not deducted from the employee’s wages.
What are sales taxes?
There are several types of sales taxes for businesses. These include different levels and amount of tax for buyers, sellers and certain industries. Sales taxes are imposed by local governments and are generally administered at the state level. States imposing sales tax require retail sellers to collect tax from customers, file returns, and remit the tax to the state. Procedural rules vary widely. Sellers generally must collect tax from in-state purchasers unless the purchaser provides an exemption certificate. All but five states require that business owners pay sales taxes.
How we can help?
Any delinquency (whether it’s one or multiple delinquent files) in paying sales tax in a timely manner can jeopardize your business and put you and your assets at risk. Legal protection from a team of highly experienced IRS tax lawyers is the only way to make sure that your business is protected.
The team at Strategic Tax Lawyers, LLP is run by a former IRS Tax Attorney who represented the IRS for over 8 years. We know how the system works and how to work it effectively to your advantage.
Contact us now for a free confidential analysis. (800) NOW-IRS-LEVY or (800) 669-4775.
Feeling overwhelmed as you learn about business taxes? The guide on IRS employment taxes may be a benefit. The IRS eFile system is a perfect program for any business owner that makes filing your taxes a whole lot easier. Head to Google to search local laws on business taxes in your area.