Understanding Payroll Tax Debt: Insights from Former IRS Agents 

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In this video, former IRS agents Mike and Josh dive deep into the complexities of payroll tax debt, offering invaluable insights and practical advice. With decades of experience in both the IRS and private tax defense, they break down what payroll tax debt entails, the severe consequences of failing to pay, and the crucial steps business owners must take to stay compliant and protect themselves.
Mike, who has over a decade of experience working for the IRS, explains that payroll tax is not a tax you pay out of your pocket but money held in trust for your employees. This trust fund must be paid to the U.S. government, and the IRS aggressively pursues these funds due to their nature. Failure to remit payroll taxes can lead to significant penalties and collection efforts, not just against the corporation but also against individuals personally responsible for the corporation.
Josh and Mike highlight the importance of having a knowledgeable representative, such as an enrolled agent, to step in between you and the IRS. This can provide you with time, peace of mind, and expert handling of your case. An experienced professional can navigate the IRS's requirements and processes, ensuring your tax returns are filed correctly and timely.
If you have unfiled returns, the IRS will send you a 725b letter, asking if all your tax returns are filed and if you are current on your federal tax payments. Being current means making your federal tax deposits quarterly and staying up-to-date. As a former IRS agent, Mike shares that he would scrutinize both personal and business financial statements to ensure no funds are being misappropriated and that the business can cover its expenses.
In cases where a business is struggling to keep up with its 941 tax deposits, Mike and Josh sometimes recommend considering going out of business. It’s essential to assess whether continuing the business is viable or if it’s time to make a strategic exit.
If you’re dealing with payroll tax issues or have unique tax problems, don’t hesitate to reach out to our expert team. We have enrolled agents and former IRS Revenue officers ready to assist you. Call us at 763-878-8481 or click the link below to get in touch. Let us help you navigate your tax challenges and find the best solutions for your situation.
Thank you for watching, and we hope to hear from you soon!
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