As a result, penalties for failing to pay your payroll taxes and filing your payroll tax returns on time are much more severe than other types of penalties. They can drastically multiply the amount you owe in a very short time.
If you are behind on paying payroll taxes for your company, WATCH OUT!!! The IRS is extremely aggressive pursuing collection of this type of tax. They would rather seize your business assets, close you down, sell your assets at auction, and put you out of business than allow you to continue amassing additional payroll tax liabilities.
If you are behind on your payroll taxes, DO NOT meet with the IRS on your own. How you answer their initial questions can determine whether you stay in business or not. It is critical you hire a professional representative who knows how the IRS operates.
If your business has or is about to cease operations, the IRS can assert a Trust Fund Recovery Penalty (TFRP) against employees, officers, and owners that the IRS believes to be responsible for the taxes not being paid. This penalty cannot be discharged in bankruptcy. It is imperitive that you call us BEFORE this happens so that we may preserve your rights and minimize the damage that may happen.