940/941 Payroll Tax Representation
Avoid Business Shutdown & Personal Liability Actions
Protect You & Your Business From IRS Action

Must meet qualifying criteria for possible reduction of debt

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Payroll Tax Debt Relief in Medford

Owning a business in Medford should be a step towards financial independence, but if you owe payroll taxes to the IRS, your dream business could become a nightmare.

940/941 Payroll Tax Representation

When payroll is submitted, 940/941 withholdings should be remitted to the IRS within seven business days. If they don’t receive their money by the deadline, the IRS will take action against a business, and those who are responsible to retrieve the debt. Actions may include hefty fines or they could even shut down your business for good.

Personal Liability and Forced Business Shutdown in Medford

When a business is late on payroll taxes, the case is assigned a revenue officer to collect the money. This person is given the authority to intercept and confiscate all receivables from a business to apply toward the tax debt. In addition, their authority allows them to shut down a business. If the tax debt isn’t reconciled, anyone financially responsible for the business will be held personally liable to pay the tax debt.

Trust Fund Recovery Penalty (TFRP) Assessment

If your business has been shut down, the revenue officer can assess every person in the business who held any fiduciary responsibility. This means, principle owners, executives, and any employees in a fiduciary role could receive a penalty of 45% of the total debt owed by the business.

Allow Key Tax Group to Protect Your Medford Business from IRS Action

If your business is behind on payroll taxes, don’t try to handle it alone. Rely on Key Tax Group for professional 940/941 payroll tax representation in Medford to prevent your business from being forced to close. Our dedicated team of tax attorneys and professionals can help establish resolutions for your company’s debt and assist individuals who have penalties assessed against them.

At Key Tax Group, we understand the importance and urgency of payroll debt relief. Our experience with accounting, tax laws, and tax code can help prevent your {city} business from being forced to close or from receiving high penalties. If your business is already shut down, we can offer protection for your personal assets, bank accounts, and other sources of income. Learn more about how Key Tax Group can help your situation by contacting our office for a free consultation today.