Get Legal Help for Payroll Tax Issues
Running a business in New Jersey involves meticulous management of payroll taxes. This includes the obligation to file quarterly 941 Returns and annual Federal Unemployment (FUTA) Tax Returns (940 Returns). Additionally, businesses are tasked with collecting taxes withheld from employees’ wages and personal Social Security tax, holding these funds in trust until they are paid to the IRS. These are commonly called “withholding taxes” or “trust fund taxes.”
The Risks of Unpaid Payroll Taxes
Neglecting payroll tax obligations can have severe consequences, including corporate or personal liability. The IRS underscores the seriousness of unpaid payroll taxes with legislative support through the Trust Fund Recovery Penalty (TFRP) (IRC 6672), which enables the IRS to target individuals responsible for these taxes. A “responsible person” could be anyone in a position of financial authority within the company, from corporate officers to employees overseeing the business’s funds.
IRS Enforcement and Potential Consequences
The IRS aggressively enforces compliance with payroll tax regulations, pursuing 100% of unpaid taxes from individuals involved in the company’s financial operations. This can extend to criminal prosecution for those who deliberately fail to file payroll tax returns or remit payroll taxes.
Legal Support for Payroll Tax Challenges
Facing payroll tax issues doesn’t have to be a solo battle. With specialized legal support, your business can confront these challenges head-on. Todd S. Unger, Esq. offers experienced guidance to New Jersey businesses dealing with payroll tax disputes, helping to navigate the complexities of the TFRP and work towards resolving tax liabilities.
Get Payroll Tax Assistance
If your New Jersey business is struggling with payroll tax issues, expert help is available. Todd S. Unger, Esq. is dedicated to assisting businesses in managing and resolving payroll tax disputes. He offers strategic legal counsel to mitigate the impact of the IRS’s enforcement actions. For a confidential consultation to discuss your payroll tax situation and explore your options, contact our law firm today at (877) 544-4743.
Together, we can safeguard your business’s financial health and future.