As a result, penalties for failing to pay your payroll taxes and filing your payroll tax returns on time are much more severe than other types of penalties. They can drastically multiply the amount you owe in a very short time.
If you are behind on paying payroll taxes for your company, WATCH OUT!!! The IRS is extremely aggressive when pursuing collection of this type of tax. They would rather seize your business assets, close you down, sell your assets at auction, and put you out of business, than allow you to continue amassing additional payroll tax liabilities.
If you are behind on your payroll taxes, DO NOT meet with the IRS on your own. How you answer their initial questions can determine whether you stay in business or not. It is critical you hire a professional representative who knows how the IRS operates.
You should also know that the IRS is notorious for miscalculating payroll tax penalties. As a federally licensed tax professional, Lynn is trained to know what to look for.
