What happens if you fail to file Form 941 and fail to pay your payroll taxes?
Not paying employment taxes can be the most harmful thing a business can do. The IRS considers payroll tax a trust fund penalty, and it is what the government goes after most. They deem that organizations that fail to pay payroll tax are similar to committing the act of stealing.
Employers can face huge penalties and individual liability for the person running payroll in the business. So making sure that you pay payroll taxes is extremely important.
There are also significant penalties and interest for the failure to file, failure to pay, and failure to deposit. So it would be best if you were on the proper payroll deposit schedule as well.
Have you failed to pay your payroll taxes? Allow us to help you get back on track. Schedule your free consultation at 201-479-2572 or visit www.201tax.com.
