Small Business IRS Tax Debt: Is Being Your Own Boss; a Dream or a Nightmare
Why you? There are plenty of reasons we can come after a business, but the most common reason is because you did not file your quarterly 941 payroll tax forms. On your employeeâs paycheck, all that money that gets taken out for taxesâ¦as the employer you owe the IRS that money. And you better pay it on time, every three months, or else!
Too often a small business owner will take that tax withholding money that should go to the IRS and use it towards the business, especially if their finances arenât too good. Many business owners promise theyâll make it up next quarter; but the next quarter comes around, business still isnât goodâ¦you see where Iâm going with this.
Itâs time to pay the piper. As soon as you miss that first quarterly payment interest and penalties begin accruing immediately. Even if you manage to pay back the money on the next quarter, you still have the interest and non-filing penalties to pay too.
Believe me it adds up quick too. When I was an IRS-hitman we would be at your door within a year ready to start seizing first equipment for your business then furniture. And if you still owed, we shut you down and took the proceeds from the sale of all your stuff. If that still didnât cover the debt we would start seizing your personal accounts and property.
Stay in Compliance! When youâre a new business it is really tempting to use the payroll tax withholdings to make improvements to your business rather than have to borrow more money from a bank or creditor. But youâre gambling with Uncle Samâs money. Even if it might make your business suffer or even cause you to lose your business itâs a lot better to have something like that happen and not have an IRS debt on top of it.
Now you have the smoking gunâ¦Use it!
Richard Close was an IRS-Hitman. He took out anyone who owed the IRS money as his father had before him. Now he helps thousands of Americans beat Uncle Sam and save thousands of dollars. Tax problems? Contact him and get free tips and techniques to deal with wage and bank seizures and slash tax debt: email at irs-hitman@taxdefensenetwork.com or call 1-888-248-9058. Visit http://irs-hitman.blogspot.com or www.taxdefensenetwork.com .
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Source: http://www.goinglegal.com/article_461145_75.html
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