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Contents Offer In Compromise IRS Lien Or Levy IRS Tax Liens IRS Wage Garnishment Wage Garnishment IRS Help IRS Problems Federal Tax Liens IRS Levy Taxes, Stress & You IRS Debt Offers In Compromise IRS Penalties IRS Tax Help About Us IRS Bankruptcy IRS Tax Relief FOI Act & You IRS Lien IRS Wage Levys  |  | Payroll Tax PenaltiesPayroll tax penalties, for many companies, are a cost of doing business which can get very expensive if left unchecked. Failure to make scheduled deposits or underpaying payroll taxes invite these penalties, which are paid by upwards of four million businesses in the United States each year. What many companies do not know, however, is that under the Internal Revenue Code section 6656, we may be able to remove a majority of the overall penalties. Penalty CalculationsThe IRS calculates payroll tax penalties by applying the first deposit received against the first liability due. While this method of accounting is quite legal, it leads to a scenario where your business can be charged multiple penalties. This means that if you accidentally underpay, your business is charged a penalty, even if you continue to make scheduled payments. The fact is, as you make your payments, the IRS will count your current payment against the previously underpaid deposit, and then adjust the current payment so that it is also and underpaid statement. This ensures that your payment is always less than required, and you will receive a penalty every time. Recent changes mean that the IRS may accept the terms you specify as to how your payments are applied to your payroll tax liabilities. We can contact the IRS for you, and ensure that your designation is optimal for your company. With the methods we use, the average penalty savings is around 42%. Contact us here for a free consultation, and we will analyze your business' situation and determine your best course of action. In nine out of ten cases, we can lower your payroll tax penalties. |  |
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