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Take a Deep Breath — How to Handle Your Delinquent Payroll Taxes the Right Way

You’re ages behind on your payroll taxes and well aware of the harsh consequences that could result from your failure to pay up. Naturally, you’re freaking out. Panicking won’t make the problem go away, but it is possible to resolve your tax concerns if you take these simple steps: File Employment Tax Returns And Make […]

The Absolute Worst Things That Can Happen If You Screw Up Your IRS 941 Taxes

The IRS can sometimes be surprisingly forgiving of those who fail to file or pay taxes on time, particularly if they actively make arrangements for extensions or installment plans. This mercy does not always extend to those who struggle with unpaid or incorrect payroll taxes. The following are among the harshest repercussions you’ll face if […]

More True-Life 941 IRS Horror Stories

Our collection of IRS horror stories may have resonated with you, especially if you’ve been audited. Unfortunately, we only scratched the surface. Now, we’re back with several additional cautionary tales, this time outlining the perils of IRS Form 941: Publishing Company Payroll Taxes The IRS can be surprisingly forgiving when individual employees fail to file […]

IRS Form 941-X: Your Tool For Fixing IRS Form 941

Let’s face it: IRS Form 941 is downright confusing. Filed quarterly to report on withheld income and FICA taxes, this document outlines what, exactly, has been withheld from employee pay. Unfortunately, opportunities for errors are abundant, even among the most conscientious, detail-oriented employers. As an employer eager to avoid problems with the IRS, the prospect […]

The IRS Could Have Decades to Collect Payroll Taxes Owed

If you owe back taxes, you’re certainly not alone; data from the IRS indicates that over 18 million Americans owed delinquent taxes as of 2014. Furthermore, 10 million taxpayers face penalties every year. What, then, happens to those who fail to pay up? Unfortunately, the consequences can be harsh — and there’s no running away […]

What’s the Difference Between Form 944 And Form 941?

You’re well aware of Form 941 and the need for filing quarterly payroll taxes, but did you know that an alternative exists? Although it’s only open to a handful of small businesses, Form 944 provides a valuable second path for select entrepreneurs. Form 944: Annual Taxes Primarily Intended For Small Employers Form 944 is primarily […]

Failure to Pay Your 941: All the Penalties You Might Face

As an employer, you’re required to withhold payroll taxes from your workers’ paychecks. More importantly, you must pass on these funds (often referred to as trust fund taxes) to the IRS. Failure to file Form 941 or pay associated taxes could lead to harsh consequences, as outlined below: Fines If you willfully fail to pay […]

Everything You Need to Know About the Trust Fund Recovery Penalty (IRS Form 941)

It’s no secret that, as an employer, you’re supposed to file IRS Form 941 on time — and pass on withheld employment taxes to the IRS. If you fail to pay these taxes on time, you may be subject to the Trust Fund Recovery Penalty (TFRP). Designed by Congress to encourage prompt payment, the TFRP […]

How to Prevent IRS Employment Tax Problems: Insights and Resources

An ounce of prevention is worth a pound of cure clearly applies to business tax debt. This problem is highly avoidable, even for businesses facing severe financial hurdles. Thorough Record-Keeping Haphazard records cause a world of trouble, especially for small business owners. The IRS recommends retaining payroll tax records for at least four years after […]

IRS Form 941 Balance Due? What Could Happen Next Year — The Good, The Bad, And The Ugly

Trust fund taxes are due, and it’s time to pay up. Your actions now could impact your business not only in the immediate future but in the long-term. Highlighted below are a few potential scenarios: The Good: You File And Pay On Time The best case scenario for IRS Form 941? You correctly file the […]