Business Payroll Tax Debt in NYC | True Resolve Tax Professionals

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Business Payroll Tax Debt in NYC

Delinquent Payroll Taxes Can Threaten Your Business Operations.

If you run a company that has IRS business payroll tax debt in NYC, you should resolve it as soon as you can. The federal tax agency classifies it as theft and can move aggressively to enforce the payment of Form 941 payroll obligations.

If there’s a tax lien on your business, we understand your tough financial situation. Since business tax liens are in the public domain, they appear on your organization’s credit report. If you’re the business owner, these records may also appear on your personal credit report. They’re also accessible records to all entities that do business with you.

For more than eighteen years we have lived with the possibility of the State attempting to collect what we knew to be impossible and unreasonable taxes on a business over which we had no direct control. But we did not know where or to whom to turn, until a good friend recommended you as an expert in this field. We cannot thank you enough for what you have done to relieve us of this enormous burden. Somehow you figured out the solution, worked some tax magic, and this huge problem is gone.

We truly appreciate the incredible job you did for us and will be proud to recommend your services to all our friends and associates.

~Chris & Ronnie G., New York

From the first time I met you I knew you and your company were the right choice to help me with my IRS problem. You were very knowledgeable about the workings of the IRS and knew the right course of action to take.

As time went by – (unlike the “other” company I tried to work with…) you did everything you said you were going to do – and real results began to materialize.

As you know – this past year was very hard on me financially. I’m starting to see the light at the end of the tunnel. I really appreciate how patient you and your organization have been; I could not have gone through this without your help.

I know we will be continuing to work together in the future. I would be happy to recommend you, Robert, and Tax Help Associates to anyone who is having problems with the IRS and don’t know where to turn. I can only wish you and your company all the best.

~ Michael B., New York

I truly appreciate your doggedness in pursuit of clearing up my matter with the IRS. Your perseverance and that of your staff to resolve my matter with the IRS is commendable.

I want to offer my sincerest thanks to you for your fine efforts and your professionalism throughout this ordeal for me. I just can’t believe that this is finally over! I hope that I will never need your services again only because dealing with the IRS is never pleasant nor businesslike on their part. However, should I, through some misfortune become entangled in their web, I will without a doubt contact you and your firm for your able and very professional assistance. Thank you once again to you and your staff.

~ David W., New York

I want to thank you very much for all your help in obtaining my Offer in Compromise. I never could have done this on my own. Your expertise made this process move along quickly and seemingly effortlessly. I really feel relieved and can now go to my mailbox without any anxiety.

~ Michael T., New York

We would like to take the opportunity to thank you for everything you have done for us with regards to dealing with the IRS. It was the best decision we made. If we ever have any other problem with the IRS, you would be the first person we would call. Again thank you so much.

~ Carlos & Aracelis P., New Jersey

As a practicing Doctor of Chiropractic, I get paid from individual insurance companies, and [I received] thirty-two letters: liens placed against companies who paid me, and another lien against my checking account.

My panic was eased when Mr. Dombrowski told me this was serious but avoidable. In short, the gravity of my situation, and my inability to get proper help until that time had me at a crossroad.

Over the course of the next two and a half years, my insurmountable, over $200,000 debt was being debated and my path of correction and responsibility mended. I would not have my practice or my belongings if it were not for Mr. Dombrowski and Tax Help Associates. Thanks is not enough. I owe these people, because I still have a career, a family, and a future. I would refer anyone who needs professional tax help to them as they have proven their worth to me. They corrected a very bad situation and turned it into a positive life experience.

~Michael R., Pennsylvania

I had the pleasure of dealing with Ms. Kendall regarding a tax matter and found her professionalism, knowledge of the code and system and proactive attitude to be calming and very, very effective. Many thanks to her and her team.

~ Donnie R., Colorado

I started my business in 2014 and had never been good at keeping track of my expenses.The True Resolve team came in and helped get my bookkeeping caught up and back on track. They now continue to help me keep things caught up so I can plan for my business better. This has been an invaluable service that I will continue to use for as long as I have my business.

~ Erik S., Colorado

I was facing an audit on my business and my personal taxes by the IRS. The accountant who had prepared my taxes was not answering my calls and a friend of mine told me to contact Amanda Kendall. Amanda was very helpful in helping me understand the process I would be facing and what this would entail as well as how long it would take to complete the audits and get a determination from the IRS. My accountant had made some mistakes and Amanda was quick to point those out and tell me what that would mean for me in the audit. It turned out one of the mistakes was in my favor and almost helped offset the ones that weren’t. By the time the audit was over it was almost exactly what Amanda had prepared me for.

~ Sarah G, Colorado

I enjoyed having someone to reach out to as we transitioned from our previous CPA firm. Looking forward to ongoing monthly support as well.

~ Ed G., Colorado

I felt that my taxes were done not only quickly, but I am confident that they are done correctly. Amanda and the True Resolve Team are very knowledgeable and professional.

~ James G., Colorado

The whole True Resolve team were amazing at answering my questions in a very timely manner. I was dealing with a Revenue Officer who wasn’t being very helpful. After hiring True Resolve I never had to directly deal with the Revenue Officer again and they handled everything from there and got me an affordable payment plan and were even able to reduce what I owed the IRS.

~ Scott H, Colorado

What are Payroll Taxes?

Every business must collect payroll taxes from its employees’ salaries and forward them to the IRS following a depositor schedule. Under no circumstances should funds raised for tax payment purposes cover other business expenses.

It’s essential to analyze your payroll taxes so you can figure out how to settle your tax debt. Doing so reduces the risk of undergoing an IRS audit and being slapped with penalties.

There are consequences for failing to collect and forward payroll tax to the tax agency on time. Your business can receive a notice through the mail for a Trust Fund Recovery Penalty (TFRP). The IRS can review this charge against anyone in the company they could hold responsible for the tax debt.

They include individuals with equity in the company or authority to make business decisions. You could be held responsible even if you’re unaware of the payroll tax debt.

This TFRP penalty is equivalent to 100% of the uncollected tax. You have the right to launch an appeal within 60 days of receiving the notification. Failure to respond will prompt the IRS to dispatch a Notice and Demand for settlement. The tax agency can go ahead to collect against your company without further correspondence.

How the IRS Collects Business Payroll Tax Debt in NYC

The IRS considers small businesses to be the biggest culprits when it comes to uncollected taxes. It tends to intensify collection efforts against small companies, mostly during economic recessions.

This aggressiveness, when handling uncollected payroll taxes, can become challenging. You need professional tax services to help you with the complicated process.

The IRS has the power to confiscate your business assets and equipment and auction them. This action will severely limit your operational ability and lead to the collapse of your business.

The tax agency can also contact your debtors and instruct them to pay them instead of sending you the money. This turn of events will limit your ability to cover expenses such as wages and other bills. You’ll also have a hard time servicing current and future taxes.

The IRS can also physically block the entrance to your business, which will make it hard to keep operating. Your suppliers, employees, customers, and other associates might arrive at your premises only to find it shuttered.

In extreme circumstances, the IRS could bring criminal charges against those it holds responsible. Once the tax agency contacts you, your Federal Tax Deposits should be up to date from that point moving forward.

Apart from paying them entirely, it would help if you did so based on your deposit timeline, depending on how regularly you process payroll. If your business happens to gather new liabilities while working with an IRS agent, your chances of receiving a favorable payment agreement will dwindle.

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What to Do When You Have Unpaid Payroll Taxes

Having payroll tax debt could harm your business, so you should move fast to resolve it. It is advisable to use debt settlement plans such as the IRS Installment Agreement. It allows you to pay your tax obligations in manageable monthly portions.

The tax agency may also accept your application for forgiveness or penalty forgiveness, so long as you provide valid reasons for incurring tax debt. The best way to handle this crucial process is to hire a licensed tax expert.

This professional will establish whether you’re eligible for penalty abatement, as well as the best payment plan you qualify for. The expert will also go through your financial documents and tax returns to try and come up with the most efficient settlement options. Picking the right resolution method is essential if you want a successful resolution of your tax debt.

How True Resolve Tax Professionals Can Help

You should comply in full with federal guidelines if you want to stay out of business payroll tax debt in NYC. If you feel overwhelmed by the process, our New York-based tax experts at True Resolve Tax are always willing to assist.

We can represent you at the IRS with a view of setting up a settlement method and help you qualify for the best tax resolution plan. We also provide services that guarantee the accuracy of your future payroll. Call us today for more information or to set up a consultation.