I cannot pay my quarterly payroll taxes. Will the IRS shut down my business?

It is very important that an employer pay their quarterly payroll taxes. The reason for this is that the IRS considers this to be theft. So, it’s important that you make those quarterly payroll tax payments, and that you file your quarterly payroll tax returns in a timely manner.

The IRS Will Work With You For A While

If you’re unable to make the payments, the IRS will work with you for a while. However, if you continue to be unable to make those payments, the IRS can shut down your business.

Why Timely Filing is Just as Important

Not only must you make your payroll tax payments on time, but you must also ensure that your quarterly payroll tax returns are filed by their respective deadlines. Missing deadlines for filing or payment can lead to additional penalties and interest charges. These penalties can add up quickly, making an already difficult situation even worse.

How the IRS Can Shut Down Your Business?

If payroll taxes are repeatedly unpaid or improperly filed, the IRS can take aggressive measures. This may include:

1. Seizing Assets: The IRS can place a lien on your business assets or bank accounts to collect the unpaid taxes.
2. Withholding Future Tax Credits: Unpaid taxes can prevent you from being eligible for tax credits or benefits, like loans or assistance programs.
3. Shutting Down Your Business: In the most extreme cases, the IRS may choose to close your business, especially if they believe you have willfully failed to comply with tax laws.

For further assistance on tax problems contact Florida Tax Lawyers today!