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941 Taxes - Trust Fund Tax Penalty
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The IRS shuts down businesses that cannot pay employment taxes. What
the IRS wants is money! The purpose of employer withholding is to force
money from the employer so most people do not see how much is really
being taken from them in taxes.
First
, the IRS will send notices. This will be followed by calls and eventually the IRS will Levy your business bank account. The
IRS will harass your customers and levy any monies they owe your
business. This usually scares away the customers. Also, the IRS will
file a Notice of Federal Tax Lien which will ruin your credit.
If there is not enough money to pay the 941 taxes, the IRS will shut down your business,
If payroll taxes are not paid when due, the IRS assesses the 100% Penalty (now
euphemistically called the Trust Fund
penalty.) In addition to going after your business, the IRS will attack
the owners, officers, check-signers and other so-called Responsible Persons. The government has further stacked the deck in their favor by prohibiting the discharge in Bankruptcy of the withholding taxes.
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If your business has past due
941 tax returns, or owes 941 taxes,
DO NOT
WAIT FOR THE IRS TO LEVY YOUR BANK ACCOUNTS! Call Ronald
J. Cappuccio, J.D., LL.M.(Tax) at (856) 665-2121
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