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

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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 Current Deposits

Your chances for securing an agreement with the IRS will be far better if you can demonstrate that you’ve made an effort to get up to date. Begin by filing outstanding employment tax returns. Next, make all required deposits for quarterly taxes. Cases involving past payroll taxes can take ages to resolve; during this time, remain current on your payroll tax returns and current payments if at all possible.

Seek Help From a Tax Specialist

The IRS is far more forgiving of individual taxpayers behind on 1040 balances than entrepreneurs who fail to cover 941 payroll taxes. Given the complexities of unpaid 941 issues, it is imperative that you work with a trusted tax expert. Interacting with the IRS alone can be risky; without an expert in your corner, you could inadvertently incriminate yourself. This will increase your likelihood of being assessed the Trust Fund Recovery Penalty (TFRP) or suffering other harsh consequences. Your tax professional can interact with the IRS on your behalf, thereby relieving you of much of the burden of getting back in the good graces of the IRS.

Take a deep breath; your delinquent taxes can be dealt with promptly and with minimal stress. Contact the Highland Tax Group at 720-398-6088 to learn how bring your tax issues to a close.