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Small Business Owners and Payroll Taxes


Businesses with employees are required to withhold payroll taxes from the paychecks of its employees. These taxes typically are FICA (Social Security & Medicare), as well as Federal, State, and any Local taxes. As the responsible party, a business owner or corporate officer can be held personally liable for unreported or unpaid payroll taxes.


Failure to Collect, Report, or Deposit Payroll Taxes

The IRS imposes stringent penalties on businesses that fail to collect, report, or deposit payroll taxes. These penalties start on day one that the filing or deposit is late, therefore it is in the best interest of the business owner to resolve any late payment issues as soon as possible. In some case the taxing authority may even refer the responsible party for criminal prosecution.


Personal Liability of the Responsible Party and the Trust Fund Recovery Penalty (TFRP)

The business owner, LLC member, Corporate officer, or other responsible party for the company can be held personally liable for willful failure to withhold from the employee or willful failure to pay the taxing authority payroll taxes.


The Trust Fund Recovery Penalty (TFRP)  is 100% of the unpaid taxes, penalties, and interest and may be assessed against  any party responsible for collecting or paying withheld income and employment taxes, or a party responsible for paying collected excise taxes, if that party willfully fails to collect or pay them. One example of willfully failing to pay is if a business owner withholds the payroll taxes from the employees paychecks, but uses them to pay a creditor instead of the taxing authority.


My Forms 941 and 940 Have Been Filed, But I Can't Afford to Pay the Payroll Tax

Some of the methods in which we help small business owners to get caught up on their payroll taxes and possibly avoid civil trust penalties is by establishing Installment Agreements and negotiating Offers in Compromise.


I Failed to File Forms 941 and/or 940

Where a business has failed its quarterly Forms 941 or annual Form 940, Sheppard Law Offices helps them by preparing these delinquent tax returns. If payment in full is not able to be made with the form, we can still help the business owner through seeking alternatives with the taxing authority.






Contact the Sheppard Law Offices today at 1-877-505-9455 for help with payroll and employment taxes which have not been filed or paid.


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