Employment Tax Issues and Relief

There are a variety of different potential employment tax issues, but don’t worry, there are several Employment Tax issue relief options as well. Here, at Bullseye Tax Relief, we specialize in Employment Tax relief and Payroll Tax relief solutions, so you’ve come to the right place!

In our previous blog posts in the Employment Tax mini-series, we discussed the two different kinds of employment tax and their components. For more information about Employment Tax, which applies to business owners who have 1 or more W2 employees, you can view our previous blog post on the subject, Employment Tax: What is it?. To learn more about Self-Employment Tax, which applies to freelancers, independent contractors, sole proprietors, and some single-member LLCs (depending on the state), check out our second blog post, Employment Tax: What is Self-Employment Tax?.

Common Employment Tax Issues

From missed payments to accounting errors, there are plenty of ways to wind up with employment tax issues. If you or your business are struggling with employment tax issues, you are not the first and you are not alone! Everyone makes mistakes, and that’s why the team of tax relief specialists at Bullseye Tax Relief is happy to help you and your business get back on track.

With that said, let’s look into some of the more common Employment Tax issues.

Failure to Issue the Proper Forms

Whether it’s a IRS Form W-2 for an employee or an IRS Form 1099 for an independent contractor, failure to issue these forms on time will result in penalties. Failing to issue the proper forms starts at $50 per employee (as of 10/18/2020), but increases over time, and can even incur additional fees and penalties if the forms are never sent. These fines, penalties and fees can accrue over time, leaving small businesses with serious employment tax issues.

Failure to Withhold and/or Pay Federal Taxes

As we discussed in the first blog post in the series, Employment Tax: What is it?, employers are required to withhold and match payroll taxes for their employees like federal income, Social Security and Medicare taxes. If an employer fails to pay these taxes that have been withheld to the IRS, they can be in serious trouble. Doing so will incur penalties and fines and in some cases, could even lead to criminal prosecution.

Late Employment Tax Payments

Just like the previous Employment Tax issue, the IRS doesn’t like it when they don’t get their money and they will charge your business fines and fees if payroll tax deposits are paid late. The fines and penalties for this error also increase over time, so it’s important to get a hold of any employment tax issues as soon as possible!

Employment Tax Issue Relief

The team at Bullseye Tax Relief are absolute experts at finding ways to negotiate with the IRS to help you and your business overcome any employment tax issues that might stand in your way. Send us an email or give us a call today to schedule a free consultation and transcript analysis.

Published by Discover How To Comprehend An Offer In Compromise

Do you need to obtain an IRS Offer in Compromise? This is an automatic activity that the IRS does every year, and also if you have an outstanding equilibrium, or unpaid tax obligations, you might be qualified for this as well. However initially, you must comprehend what this is, exactly how it works, and the IRS requires to have your complete consent prior to they can process an Offer In Compromise. So now it's the top of the day. So now formally prepare yourself to hear everyone at the webinar, "comprehending an Offer in Concessions." You are mosting likely to need to take a seat with an IRS agent. And at the exact same time, you will certainly require to give them your full income tax return information, consisting of not just all of your earnings and costs, however additionally every single credit card, financing, and also other account you have. When you do this, the agent at the IRS will certainly review your whole economic scenario to see whether there is a genuine IRS Offer In Compromise with you. This is their task, as well as they need to figure out if you have a legit factor to resolve your tax debt for much less than what it really is. Now, if the Offer In Compromise you have been supplied is in fact worth much less than what you owe, you will be required to pay the IRS the distinction. If it's too expensive, you will certainly owe much more. And also at that point, you have to determine if you are going to accept this Offer In Compromise or not. The important point to keep in mind is that you can not pay less than the Offer In Compromise. That would be fraudulence. Rather, you can just clear up the debt for a smaller amount than what you in fact owe, but this must still remain in the series of what the IRS offers. In this manner, you do not risk of owing much more taxes than the IRS originally owed to you. Remember, when it involves your taxes, always take care. The IRS will certainly inform you to take the Offer In Compromise from the webinar as well as file it electronically. You don't even have to leave your house! All you have to do is print out the Offer In Compromise and send it through the mail. That's it. However, you are still going to be required to pay the IRS on a timely basis. This implies that you need to follow up with them to make sure that every little thing is still being done as set up. If you have any kind of questions, just contact your tax professional. Hopefully, now you have actually discovered a bit more regarding how the IRS jobs. If you need even more details, see the IRS website. View more posts