Contact Carver Law Offices for Professional Representation.
Lawyer for Payroll Taxes in Oklahoma City
Tax Assistance 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 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, consult with our experienced attorneys for tax matters right away.
Contact The Carver Law Office, PLLC Today!
Our diligent team of lawyers has with more than 30 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.
"It was helpful to have a steady reassuring hand to make sure that the issue was resolved in a fair and equitable manner. I can't recommend her enough. You can do no better."Jeff B.
"They communicated closely with our accountant as well as the state tax office. Overall, we were extremely satisfied with the outcome as well as the reasonable cost of service."T N.
"No questions asked, just jumped right in and handled everything. We are so thankful for her help and advice."Jenniffer
"I had a tax lien, and through Ms. Carver, it was resolved beyond my highest expectations. Her communication was excellent, honest, and straightforward, and her fee was a pittance compared to her work and the results she achieved."Chris Liebman
"One call to your office and shortly later, you got the lien released and I was on my way to my first home."P.A. and Family