Business Owners or “Responsible Person”
Payroll Taxes Not Filled or Paid On Time?
Your business is doing well, but sometimes you run out of cash and cannot make payroll tax deposits on time. Perhaps you simply got busy and missed filing your quarterly payroll tax returns.No matter what the reason, you’re behind on your payroll tax filings or payments.
It might seem like you’re borrowing money from the IRS until your business is back on track, but the IRS does not see it that way. Late payroll taxes are taken more seriously by the IRS than just about anything else because they are used to pay Social Security taxes.