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Payroll Taxes

Payroll Taxes - 941 Taxes

Are you behind in filing or paying your quarterly payroll taxes / 941 taxes? If you continue to ignore the problem, the IRS or the state will only step up their collection efforts. If you wait too long, you can lose your rights not only to challenge the assessment or your business taxes, but also the rights to owning your business, which can be seized by the taxing authorities to satisfy your outstanding debts.

If the IRS has made previous attempts to get you to file timely returns or pay delinquent taxes and you have not complied, you may be severely penalized by having the liability personally attached to you through a Trust Fund Recovery Penalty. In addition, the IRS has the ability to seize your business or personal assets.

If you are behind in your payroll taxes, you have had a Trust Fund Recovery Penalty imposed on you, or you are in danger of seizure of assets,Strategic Tax Lawyers, LLP can help. Our IRS tax lawyers have years of experience working for the rapid resolution of business tax issues. We’ll work with you to figure out the most appropriate payment plan for your circumstances. In the past, our payroll tax attorneys have negotiated affordable settlement plans where business owners and liable parties pay just a portion of their debt and are able to hang on to both personal and business assets.  

What is a Trust Fund Recovery Penalty?

A Trust Fund Recovery Penalty may be imposed on all persons who are determined by the IRS to be responsible for collecting, accounting for, and/or paying these business taxes, and who acted willfully in not doing so.

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:

  1. 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.
  2. 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.
  3. 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.
  4. Contact us today for a free analysis of your payroll tax issue at (800) NOW-IRS-LEVY or (800) 669-4775. Our payroll tax lawyers can help to get your payroll taxes paid and get your business back on track. Whether you have multiple delinquent filings, or you have simply fallen behind with one payment, we’ll work with you to ensure that a rapid resolution is reached – one that works for your unique circumstance.

    Our team consists of experienced Franchise Tax Board Attorneys as well as Board of Equalization Tax Lawyersthat are skilled in dealing with the FTB and BOE and can get the best possible results for you and your business.mply they penalize you severely by attaching the liability to you personally (Trust Fund Recovery Penalty)

    The trust fund recovery penalty may be imposed on all persons who are determined by the IRS to be responsible for collecting, accounting for, and paying over these taxes and who acted willfully in not doing so.

    What are payroll taxes? Here are the most common:

    1. 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 or providing the government with an interest-free loan.
    2. Federal Insurance Contribution Act (FICA) taxes, which include contributions to federal Social Security and Medicare programs. 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.
    3. Federal Unemployment Tax (FUTA), which is approximately 1 percent of the first $7,000 in wages paid to an employee. This tax is paid in full by the employer.

    Contact us today for a free analysis of your payroll tax issue at (800) NOW-IRS-LEVY or (800) 669-4775. Our payroll tax lawyers can help get your payroll taxes paid and your business back on track. Whether you have multiple delinquent filings, or you have simply fallen behind with one payment, we’ll work with you to ensure that a rapid resolution is reached – one that works for your unique circumstance.

    Our team consists of experienced Franchise Tax Board Attorneys as well as Board of Equalization Tax Lawyers who are skilled in dealing with the FTB and BOE. They can get the best possible results for you and your business before the agencies penalize you severely by attaching the liability to you personally (Trust Fund Recovery Penalty)

    The Trust Fund Recovery Penalty may be imposed on all persons who are determined by the IRS to be responsible for collecting, accounting for, and paying these taxes and who acted willfully in not doing so.

    Contact us today for a free analysis of your payroll tax issue at (800)NOW-IRS-LEVY or (800)669-4775. We can help with your problems related to back business taxes..

    Looking to find out what your state laws are regarding payroll taxes? Search locally on Google for your state and include the keyword “bank levy.” Check out this 2011 IRS table for figuring out the amount that’s exempt from wages, salaries and other income. The IRS Publication 15, or Circular E Employer’s Tax Guide, might also be helpful.

CALL: 800-669-4775
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