What Happens If My Business Can’t Pay Employee Taxes?

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It is a serious problem if your business is relying on an employee tax fund to meet its cash flow requirements. Failure to pay the IRS the amount of payroll taxes you owe can result in harsh penalties.

Business owners and even some employees can be responsible for the tax owed. So, the IRS could come after your assets if you are the person responsible at a company for collecting and paying employee taxes.

Given the significance of the source of revenue for the IRS from employee taxes, the IRS keeps a close eye on these penalties. There is no escaping the grasp of the IRS if you are in a scheme to withhold employee tax payments.

Even if you file for personal bankruptcy, you may still be under obligation until its fulfilled. The best thing you can do if you find yourself in this stressful scenario is to get trustworthy legal guidance.

An experienced business tax attorney like myself can help you to navigate the complex waters of dealing with the IRS. You have to be careful to follow all requirements and not divulge more than required in communications with the IRS. This is not the type of serious situation that you should be handling on your own as a business owner.

At the Law Offices of Darrin T. Mish, P.A., we assist many business clients in dealing with tax problems with the IRS. We are able to devise strategies and solutions to get your business back on track and out of hot water with the IRS. Even if your problem seems catastrophic.

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