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It is a very serious offense for a business not to submit payroll taxes. This is widely considered the worst form of tax debt. The IRS may consider it "stealing" directly from the government.
Filing 941 and 940’s are the responsibility of every business. The 941 tax is due every operating quarter (four quarters a year), and the 940 is due annually. If these taxes are neglected long enough, the business can be closed and all assets seized to satisfy the debt.
Should the business close and the IRS seizure of all assets not satisfy the tax liability, the individual shareholders, officers and employees will be held accountable and liable. Non-payment of 940 and 941 payroll tax liabilities are then attached to personal social security numbers and personal tax returns and the IRS will file Civil Penalties. Remember, the IRS views payroll taxes to be in trust to the business owner and that funds for payroll were never part of the businesses operations.
Our tax relief experts will find out what the IRS requires and will work diligently on your behalf to maintain holds until your payroll issues are resolved!
Call and speak with one of our tax specialist,
TODAY! 1-800-257-1599
PREFERRED Tax Relief
Protecting Your Tomorrow, Today!
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