Should you own or have owned a business with employees the IRS assesses what is termed IRS 940-941 Payroll Tax or Employee Withholding Tax. This tax is due every operating month or quarter and if it is not paid IRS Penalties and IRS Interest will begin to be assessed. The IRS Penalties alone can spiral the IRS Tax Liability out of control. This is widely considered to be the worst form of IRS Tax Liabilities as the IRS considers it “stealing” directly from the Federal Government. If these IRS Taxes are neglected long enough the business can be closed and all assets seized to satisfy the IRS Tax Liability.
Should the closure of the business and seizure of all assets not satisfy the IRS Tax Liability the individual shareholders, officers, directors and employees can now be personally liable. The conversion of IRS 940-941 Payroll Tax Liabilities to individuals is the IRS Civil Penalty Trust Fund Assessment. The IRS Civil Penalty Trust Fund Assessment attaches to personal Social Security Numbers and both collectively and individually attaches IRS Tax Liens and IRS Tax Liabilities to willful and responsible shareholders, officers, directors and employees.
As you are already aware time is crucial. The IRS is assessing IRS Penalties and IRS Interest every day that can spiral your IRS Tax Liability out of control while risking the aggressive seizure tactics of the IRS.
Strategic Tax Planning Tax Attorneys can stop IRS Tax Levies including IRS Wage Garnishments, IRS Bank Levies, IRS Accounts Receivables Levies and IRS seizure of your home or personal assets immediately.
Strategic Tax Planning Tax Attorneys will protect you and enforce your IRS mandated rights making certain that you receive the most favorable IRS Resolution available by law.