Updated: Sep 27
163,765 US businesses closed as of August 31st due to the pandemic, according to Yelp. They also reported that of those businesses closed, 60% or them were permanently closed. 300 of those businesses were right here in Louisville, KY with the restaurant and retail industries being hit the hardest.
Just because your business closes the bills do not go away, which is a sad reality that many business owners are facing right now. I was recently asked how I thought that business owners should prioritize these bills and my response was "if they have employees, payroll taxes should be priority number one!"
You see, being delinquent with your payroll taxes is a very dangerous game to play as a business owner. The penalties from failure to file alone can be the kiss of death to any small business owner. Not only that, the situation can turn criminal almost immediately making tax liens or a tax levy the least of your worries.
Payroll taxes are more than just the employers share of Social Security and Medicare, they are also the federal taxes that you are withholding for your employee. That money is not the employer's in the first place! When you are late with those payments the IRS looks at you as if you have stolen their money, because you have.
The IRS will do everything they can to guarantee that they get paid. They will come after you personally as well if you are the one responsible for making sure that the payroll taxes are supposed to be paid. They will issue a tax levy on your bank accounts, impound your receivables, and seize your property.
The IRS has implemented a special program for business owners who have fallen behind on their payroll tax obligations. Here at Bowens Tax & Bookkeeping Solutions we can assess your situation and figure out the best way to protect you. We will step into your shoes and deal with the IRS so you do not have to. Please, do not let them take everything you have worked so hard for; book your call with us today!
We at Bowens Tax & Bookkeeping Solutions are experts in tax resolution and help taxpayers with their IRS problems every day. Book your call today at https://bookingbowens.as.me/taxrelief . We're only taking 2 payroll tax clients each month so book soon to see if you're a good fit for our firm and we can put a stop the IRS' enforcement tactics. You have to take the first step and book the call.
Timalyn S. Bowens EA is America's Favorite EA and Louisville's Tax Expert that will work hard to find a legal solution that is customized for you! As an Enrolled Agent licensed through the Internal Revenue Service Timalyn is able to fight the IRS for taxpayers in all 50 states.
When you are facing questions regarding your personal or business taxes, working with a professional makes all the difference. At Bowens Tax Solutions, we serve our Louisville-area neighbors by providing the tax services and knowledge needed to succeed. We are here to assist you with your tax issues and preventative care. Visit our website at www.bowenstaxsolutions.com for more information.