Taxes are big business, says the team at Tax Tiger. Payroll taxes are especially important since they fund numerous government programs, including Social Security and FICA. When a business is unable to pay payroll taxes it can be a lose /lose situation. However, it doesn’t have to be that way, insists Tax Tiger, as there are IRS programs in place that can help relieve the stress, anxiety, and embarrassment a business owner may feel when he or she is facing financial hardship.
Tax Tiger states that the best way to avoid penalties and interest is to ensure that payroll taxes are paid on time, every time. But when this isn’t feasible, contacting a reputable tax resolution firm at the first sign of a problem can keep a small problem under control. The IRS doesn’t negotiate after a set period, so timing is crucial, says Tax Tiger. A business owner may face far greater concerns than just fines if the issue isn’t tackled head on.
According to Tax Tiger, the IRS avidly uses enforced collection techniques when dealing with business owners who are past due on payroll taxes. These include levying business assets such as automobiles and heavy equipment that can be auctioned off to satisfy the debt. In addition, Tax Tiger reports that a business may be temporarily or permanently closed. This action causes further financial hardships for the owner and affects employees who may or may not be able to find suitable employment.
Tax Tiger point out that many people mistakenly believe that if their business is incorporated or in a partnership their personal assets are safe. This is not the case, as the IRS can and will seek remuneration from the responsible party. Under the Trust Fund Recovery Act, the IRS is extended the opportunity to come after not only partners in a firm, but trust administrators and responsible parties as well. Tax Tiger notes that the responsible party is anyone who has the authority to distribute trust funds or has the final say on the order in which the company’s debt is repaid. Tax Tiger points out that corporate directors, shareholders, and financial managers are often held legally liable for a business’ failure to pay the IRS.
Tax Tiger is the nation’s most trusted tax advisory service in payroll related issues. The firm can assist with filing for an Offer in Compromise or an Installment Agreement. As well, Tax Tiger can evaluate a business’ current payment arrangements with the IRS to determine if they are maximizing their rights or if there are other options available more suited to their needs.
To contact Tax Tiger, visit them on the web at www.taxtiger.com.