Small Business Question

Ernie Neve, CPA

September 25, 2019

Question: I own a small business, and in order to keep afloat, I did not send the IRS my employee’s withholding taxes for a few years. How much trouble will I be in? 

Answer: Owing 941 payroll taxes is very different from owing personal income taxes. Not only can the IRS padlock the doors to your business, but they can come after you personally, levy your bank accounts, confiscate your receivables, and seize your property. Scarier still is that this could turn into a criminal matter. Why? Because the money has already been deducted from your employee’s payroll checks; so it’s not your money, to begin with! The IRS will look at it as if you have stolen this money. Payroll tax delinquency is the IRS’s No.1 enforcement priority.  

You need to get help from an experienced professional who deals with the IRS every day. We can assess your situation and figure out the best way to protect you. Plus, we’ll take over all dealings and figure out the best way to protect you. Plus, we’ll take over all dealings with the IRS, so you don’t have to. Don’t let them take everything you’ve worked so hard for; call us today! 

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