Payroll tax debt is a serious issue. This type of debt occurs when a business either fails to withhold taxes from their employees’ wages or fails to pay them to the IRS in the appropriate time frame.

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The IRS is very aggressive when it comes to Payroll Tax Debt.

 

If Payroll Taxes are not paid, the IRS will immediately start trying to collect the missing taxes. If you miss a payroll tax deposit, the IRS can and will immediately begin trying to collect their money. They will come after a business’ assets quickly and will not hesitate to go after the business owner’s personal assets if they cannot satisfy the tax debt from the business’ assets alone.

 

Large penalties and interest will immediately begin accruing on the tax debt. These taxes will not go away even if the business is closed or has filed for bankruptcy.

 

If you have a payroll tax debt, it’s important to correct this issue immediately. Don’t let your debt and the penalties on it overwhelm you.

 

You should consult with a tax professional as soon as possible. The Tax Man is willing and able to help you resolve this issue.