Payroll Tax Problems Lawyers in St. Louis Helping You Avoid Penalties

If you run a business that has employees, you’re required to withhold and pay payroll taxes. These taxes come out of an employee’s wages and are distributed to regulatory authorities. But if you’ve fallen behind on your payroll taxes or simply forgot about them, it can lead to severe consequences for your business.

Fortunately, a professional payroll tax problem lawyer can advise you on what to do so your business remains safe. At The Law Firm of Lance R. Drury, P.C., our experienced team is prepared to help you regardless of your tax situation. If you’ve fallen behind on your payroll taxes, need help submitting your payroll taxes, or are facing fines and penalties, give us one of our offices a call today:
Ste. Genevieve, (573)-883-3056; St. Louis, (314)-260-6120; Nashville, (615)-733-8168; and San Antonio, (726)-202-1300.

What Do Payroll Taxes Include?

Payroll taxes are taxes that are paid on the wages of your employees. These taxes fund financial programs like Social Security and Medicare so people can take advantage of those services later in life. The majority of the burden of payroll taxes is on the employee, but the employer is responsible for collecting and filing these taxes every tax year.

Payroll taxes make up a significant portion of the total annual government revenue. Because payroll taxes fund social service programs like Social Security and Medicare, government bodies are very interested in collecting payroll taxes from employers. If you fall behind on payroll taxes or neglect to pay them entirely, it is almost guaranteed that you will receive fines and penalties.

How Do Businesses End Up With Delinquent Taxes?

As a business owner, your top priority is likely keeping your business afloat. But if cash stops flowing or times get tough, payroll taxes can fall by the wayside.

Here are a few common reasons why businesses often end up with delinquent payroll taxes:

Unintentional Non-Compliance

Some business owners are either new to the business world or that industry. If that’s the case, it’s possible that they were just unaware of their payroll tax obligations. If so, our team may be able to negotiate with the IRS and get penalties reduced or removed.

Avoiding Taxes

Some business owners try to avoid paying taxes at all costs. Typically, this is to increase profits. However, the fines and penalties associated with not paying taxes can vastly outweigh the benefit of short-term gain.

Mistakes

With so many moving parts of a business, some things are bound to fall through the cracks. New business owners or small business owners may forget to pay payroll taxes or file them on time. If that’s the case, our team can help you get back on track and pay as few fines and penalties as possible.

What Happens if a Business is In Violation of Payroll Taxes?

If your payroll taxes have lapsed, meaning you have not paid them or are late to pay them, you will immediately start to accrue penalties. The exact amount depends on how much you owe in payroll taxes and how late the taxes are. However, penalties do increase the longer you wait to file payroll taxes.

Hiring a professional is of the utmost importance if you have unpaid payroll taxes. Waiting to file payroll taxes can lead to increased penalties, which can affect the profitability of your business and could even lead to bankruptcy. Don’t hesitate to contact a payroll tax lawyer on our team for assistance today.

Who is Responsible for Unpaid Payroll Taxes?

Initially, the business will be responsible for any unpaid payroll taxes. However, if those payroll taxes remain unpaid, the IRS can collect back payroll taxes from any “responsible party,” even if the business is incorporated. This can include, but is not limited to, business shareholders, business officers, and certain senior-level employees.

If you are unable to pay back payroll taxes, it’s essential to contact a professional tax attorney right away. Our team can negotiate with the IRS and set up a payment agreement to avoid further fines, penalties, or back taxes. We can also help prevent the IRS from going after individuals within the business to pay payroll taxes out of their own pockets.

How Can a Payroll Tax Problems Lawyer Negotiate Unpaid Taxes?

Our team will take a look at your unique tax situation to determine the right course of action for you. Ideally, our lawyers will minimize penalties and fines for you and your business.

Depending on your circumstances, our team may be able to help with the following:

Removal of tax levies and freezes from bank accounts
A temporary payroll tax deferment
A reduction in personal penalties and interests
Penalty abatements
An installment agreement for paying back payroll taxes
An IRS agreement to not pursue you or your business for criminal tax evasion

Suppose your business is struggling with finances, or you believe paying back payroll taxes would be an undue hardship. In that case, our team may be able to negotiate with the IRS and set your status as “currently not collectible.” This status may also be possible if the statute of limitations on back payroll taxes has expired.

Should I Hire a Payroll Tax Problems Lawyer?

Filing payroll taxes is a necessity for every business with employees. Falling behind on your payroll taxes can have serious consequences for you and your business, including losing your business license. Fortunately, there are ways for you to negotiate with the IRS and come up with a financial plan that works for you and your business.

If you have payroll tax problems, don’t hesitate to reach out. Our team at The Law Firm of Lance R. Drury, P.C. is happy to review your case and plan your best legal course of action. For a free consultation, call one of our offices:
Ste. Genevieve, (573)-883-3056; St. Louis, (314)-260-6120; Nashville, (615)-733-8168; and San Antonio, (726)-202-1300.