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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 […]

Huge Employment Tax Issues With the IRS? Should You Just Shut Your Business Down?

Your failure to pay employment taxes has come back to haunt you. Whether you’re currently facing tax debt, a tax lien, or criminal proceedings, you’re worried about the future of your business. Like many business owners facing tax issues, you’ve thought more than once about closing your company for good. Is this a realistic solution? […]

Getting an Offer in Compromise on 941 Tax Debt

Struggling to pay the business tax debt? Don’t ignore the issue; help may be available. An Offer in Compromise may allow you to settle your debt for less than you actually owe. It’s a great option for avoiding harsh action from the IRS and minimizing the burden of tax debt on your company. What Is […]

Why Does the IRS Care So Much About Payroll Taxes?

Payroll taxes are taxes paid on the wages and salaries of a business’s employees. The Internal Revenue Service (IRS) applies harsh penalties to employers who attempt to shirk payroll tax obligations, from fines or outright business closure to a criminal investigation and prison time for tax evasion. Why does the IRS care so much about […]