PAYROLL TAX ISSUES
Collecting, reporting, and remitting payroll taxes are some of your key responsibilities when you have employees. And if you forget or neglect your responsibility, you could receive a penalty for not paying payroll taxes.
Whatever your reason for missing your deposit deadline, not paying payroll taxes is a big deal to the IRS and other tax agencies.
About 70% of the annual revenue collected by the IRS comes from payroll taxes. Underreported and unpaid employment taxes account for approximately $72 billion of the U.S. tax gap. That’s why there are consequences when your business fails to deposit payroll taxes.
If you don’t pay payroll taxes for your business, you’ll receive a bill from the IRS and likely a penalty, too. According to the IRS, employers who don’t follow employment tax laws are subject to civil and criminal penalties.
So, what is the penalty for not paying payroll taxes on time? The penalties and interest the IRS charges depends on:
How much you owe
How late the payment is
If you have received a bill from the IRS for unpaid payroll taxes.
Call Our Tax Resolution Experts Today At 1-844- 394-6312