As someone who has been paying taxes, we know the IRS is quite serious levying the taxes we owe them. If it is not paid on time, it would go on to impose expensive penalties, and interest starts to accumulate the day after taxes are due. The agency is known to be quite strict when it comes to taxes and does not offer any grace period for extended time. The same will also apply for unpaid payroll taxes as well.
Business and company tax payers
The IRS is particularly vigilant when it comes to business taxpayers. It is mainly because businesses must send the IRS the taxes they withhold from their employees. In case, the company withholds the money for something else instead, it is considered that they are taking the money which is not theirs in any way.
Get to know about employment tax
In order to know the issue even better and deeper, one should know the crux of the whole thing well. The code of tax requires employers to without the tax amount of their employee before paying their wages. The employment tax will generally include, Federal Income Tax, Social Security and Medicare or FICA Taxes, Federal Unemployment (FUTA) Tax, Additional Medicare Tax and others. Employment taxes and payroll taxes are on the whole the same thing. However, payroll taxes more specifically refer to FICA taxes.
Companies that have unpaid payroll taxes after the due date would go on to face huge consequences. Large penalties would be put over the company. Many companies have struggled to overcome the penalties of overdue payroll taxes. The IRS has the legal capacity to close the business down and they go on to use it occasionally from time to time. Taxreliefprofessional.com, this page has been providing some firsthand information with regard to taxation and offers the best possible guidance.
