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Payroll 941 Taxes

Payroll taxes plus income taxes withheld from an employee's wages are together referred to as "Withholding Taxes" or "Trust Fund Taxes." They are paid using IRS Tax Form 941. As the employer, you are holding these funds in trust until they are paid to the IRS.

If you run a small, medium or a large business and pay employees, you will deal with payroll taxes. Social Security, Medicare, and Income Tax withholding from employee wages is just part of normal business operations.

As part of a business (and required by the IRS) you need to collect and pay to the IRS taxes that are withheld from the employees' wages. Together with your share of Social Security tax, these are then to be deposited in your bank account before being sent to the IRS. You will also be filing a Quarterly Federal Tax Return, (941 Return) and an annual (FUTA) Federal Unemployment Tax Return (940 Return).

Are you personally responsible for your Payroll Tax Problem?

So what happens if you have a payroll tax problem and you have to deal with the IRS to resolve it? First, you should be aware that Congress passed the Trust Fund Recovery Penalty Statute (IRC 6672) to encourage prompt payment of payroll taxes. Through this law, the IRS can go after responsible third parties. How do you know if you are subject to this law? Consider:
  • Did I have a duty to account for and collect payroll taxes?
  • Was I responsible for sending in the trust fund payroll taxes?
  • Did I fail to send in the trust fund payroll taxes?

You are really dealing with two separate issues: One, collecting the taxes and two, sending the taxes to the IRS. Failure to properly handle withholding and payroll taxes is a serious violation with the IRS. Besides the amount owed, you could also be liable for serious amounts in penalties and interest, in some cases penalities equaling 100% of the withheld payroll taxes.

If the IRS can't get it from the company, they will go after the officers and or owners. The responsibility is usually held by a high corporate official in finance, or in the case of a small business, the owner. If the IRS can't collect, they will move to shut down the business and sell the assets. In the most serious of situations, Federal Criminal charges could be brought against the responsible person.

At the law office of Sherri Carver, we have the knowledge and the experience necessary to assist you and your business with your payroll tax (941) problems. Dealing with tax issues can be one of the most stressful times of anyone's life; don't handle it alone - you need a tax lawyer who is experienced in tax law and understands payroll taxes (941) matters.

Tax attorney Sherri Carver has the knowledge and the experience necessary to assist you with Payroll 941 Taxes. Dealing with tax problems can be one of the most stressful times of anyone's life; Don't handle it alone! You need a tax attorney who understands tax law and how to help you end your tax problems.

Contact Our Office today for a free consultation regarding your tax problems!

Free Case Evaluation!