Small Business Owners Should Aware of Payroll Taxes
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Transcript of Small Business Owners Should Aware of Payroll Taxes
7 Important Things about Payroll Taxes for Small Business Owners
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1) Things to remember if you’re a small business owner
• Small business owners are preoccupied with keeping inventory in stock, hiring employees, and managing the books, but they shouldn’t ignore payroll taxes.
• The IRS takes payroll taxes very seriously.
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2) Businesses with Employees in More than One State
• If you own a business with employees in more than one state, payroll taxes become much more complex.
• Different states have individual rules and regulations regarding how payroll taxes are calculated, handled, and distributed.
• Make sure you understand the tax liabilities involved.
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3) Tax Compliance Enforcement
• Slipups with taxes can carry stiff penalties.
• The IRS focuses its tax compliance enforcement on small businesses because they have been identified as the single largest source of uncollected taxes in the country.
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4) Do Not Interfere with Payroll Taxes
• Do not interfere with the funds from payroll taxes.
• It is against the law to borrow or use payroll taxes for any purpose because they don’t technically belong to you.
• Payroll taxes are a portion of your employees’ pay checks and do not belong to the employer.
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5) Constantly Monitor
• Constantly monitor payroll taxes on a rolling basis.
• The need for continual evaluation is huge because tax laws and requirements change frequently.
• Being unaware of current law or changes with the law can come with costly mistakes.
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6) Bonus Checks and Overtime
• The timing of bonus checks and overtime payments can have major tax implications.
• These payments should be properly aligned with payroll tax due dates.
• Improper alignment could cause penalties and fines.
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7) Stiff Penalties
• Improper payroll tax deductions can lead to stiff and severe penalties.
• Failure to pay payroll taxes is a federal crime.
• If the situation is severe, it could be referred to the Criminal Investigation Division or Department of Justice.
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8) Delinquent Payroll Taxes• If you have delinquent payroll taxes, you must act swiftly.
• The best advice is to stay current on present and future payroll tax withholdings.
• The second piece of advice is to seek professional tax relief help.
• Develop a plan for paying off your debt.
• Delinquent payroll taxes add up quickly and can be considered a federal crime
• To avoid unnecessary penalties, it’s best to cooperate.
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Frequently Asked Questions about Payroll Taxes.
9) How can I ensure compliance?
• There are hundreds of rules, codes, and regulations regarding payroll and payroll tax withholdings, which often lead to confusion.
• To avoid mistakes it’s important to educate yourself on common errors.
• Learn about simple ways to follow the rules.
• Get professional help when necessary.
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10) I have delinquent payroll taxes, am I in trouble?
• The short answer is “not necessarily.”
• As soon as you find out about delinquent payroll taxes, contact professional help.
• It is best to deal with the IRS honestly.
• There are many services, software, and tools to help.
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11) Important Points to Remember
• Payroll tax deductions are an important part of running a small business.
• Follow laws and regulations, which might take some research or help from a professional.
• Contact Long Island Tax Resolution Services to receive help for payroll taxes.
Call us at: 631-244-1650
Contact Long Island Tax Resolution Services
• Small business owners should know about these 7 important things about IRS payroll tax services. Solve your tax problems with our expert tax consultants.
• Visit @ http://goo.gl/OCq60G
• Call us at: 631-244-1650
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