Payroll (941) Taxes in Oklahoma City
Information for Employers and Business Owners
If you are required to file a 940 return, it is important to understand
the reasoning behind it and how to effectively file.
Per normal business operations, withholding Social Security, Medicare,
and Income Tax from your employees' wages is expected. These taxes
are then reported quarterly with the IRS 941 tax form. They are considered
trust fund taxes because you hold these funds until they are reported
and paid to the IRS.
Additionally, you must also annually
file a 940 return. Understandably, there are serious consequences to withholding any of
these funds at one point or at all. If you need assistance or have further
questions, make sure you
reach out to our Oklahoma City tax lawyer at The Carver Law Office, PLLC.
Trust Fund Recovery Penalty Statute
In an attempt to encourage prompt payroll tax payments, the Trust Fund
Recovery Penalty Statute was put into place. This allows the IRS to transfer
the tax liability from a company to an individual or individuals. Essentially,
if you are responsible for your company's payroll and its taxes, you
could be facing serious consequences for withholding any of the funds.
Some of the consequences associated with payroll tax penalties can include:
- Attempted collection of the funds owed
- Shut down of business and assets sold
- Federal criminal charges
If you are unsure whether you could be subject to the Trust Fund Recovery
Penalty Statute, consider the following:
- Was or am I responsible for collecting payroll taxes?
- Was or am I the one responsible for sending the trust fund taxes to the IRS?
- Did I actually fail to send in any or all of the trust fund taxes in time
or at all?
Being penalized for your payroll taxes may not be exclusive to paying them
and doing so in a timely manner. When this happens, you need an
experienced and knowledgeable tax lawyer in Oklahoma City.
Contact our Oklahoma City tax attorney for the assistance you need!
Our diligent team of lawyers has with
more than 25 years of experience. We have successfully handled
hundreds of cases, and we believe our knowledge and personal attention can help you next.
When you work with our Oklahoma City tax lawyer, you speak with Ms. Carver
directly. You can trust that we are a firm located in Oklahoma City, not
at the end of some random 1-800 number.
Contact The Carver Law Office, PLLC
today at (405) 256-2619 for more information.