Payroll Tax Relief
When these taxes are not paid, it can lead to severe consequences, including:
Payroll taxes are taxes that employers are required to withhold from their employees' wages and remit to the IRS or state tax authorities.
These include:
- Federal Income Tax: Amounts withheld from employees’ wages for federal income tax obligations.
- Social Security Tax: Contributions to the Social Security program, split between employer and employee.
- Medicare Tax: Contributions to the Medicare program, also split between employer and employee.
- Federal Unemployment Tax (FUTA): Taxes paid by employers for unemployment insurance.
When these taxes are not paid, it can lead to severe consequences, including:
- Penalties and Interest: The IRS imposes significant penalties and interest on unpaid payroll taxes, which can compound quickly.
- Trust Fund Recovery Penalty (TFRP): If payroll taxes are not paid, the IRS may assess a Trust Fund Recovery Penalty against responsible individuals, including business owners and officers.
- Collection Actions: The IRS can take aggressive collection actions such as bank levies, wage garnishments, or liens against business assets.
How We Provide Payroll Tax Relief:
Assessment and Analysis:
Evaluate Your Situation: We thoroughly review your payroll tax issues, including the amount owed, penalties, and any existing IRS correspondence.
Determine Liabilities: Identify all outstanding payroll tax liabilities and assess any potential penalties or interest.
Negotiation with the IRS:
Set Up Payment Plans: We negotiate with the IRS to establish manageable installment agreements that fit your business’s financial situation.
Offer in Compromise: We may propose an Offer in Compromise to settle your payroll tax debt for less than the full amount owed if you meet the qualifications.
Penalty Abatement: We request penalty abatement if you can show reasonable cause for the failure to pay, potentially reducing or eliminating penalties.
Compliance and Prevention:
Review and Improve Payroll Systems: We help ensure your payroll systems are compliant with tax regulations to prevent future issues.
Training and Support: Provide guidance and training on payroll tax management to avoid recurrence of problems.
Representation and Protection:
IRS Communication: We handle all communication with the IRS on your behalf, reducing stress and ensuring that your case is managed professionally.
Defense Against Enforcement Actions: Protect your business from IRS enforcement actions such as levies or liens while we work on resolving your tax issues.
Let Federal Tax Law Group Help!
No matter how big or small your tax matter, We have the knowledge and experience to handle your legal needs and to represent you!