Corporations, limited liability companies and occasionally limited partnerships need to understand the seriousness of unpaid federal payroll tax and how to deal correctly with this back tax problem. Even if an owner operates his business as a sole proprietorship or general partnership and fails to pay his Payroll Tax, the business assets as well as the owner's personal assets are subject to the IRS Lien. The IRS can seize and sell all business and personal assets of the business and owner to collect the total tax, penalties and interest owed.
The Payroll/employment/941 Tax owed by one of these entities is comprised of Trust Fund Tax and Non-Trust Fund Tax. The Trust Fund Tax consists of the income tax and fica/mc withheld from the employees of the business. Clients should be interviewed by a tax assistance firm, not by the IRS.
A field visit to a business owing Payroll Tax by an IRS Revenue Officer is a harrowing experience. Early planning may save your business and your personal assets.
Payroll Tax Non-Payment Is Considered By The IRS As Number One Priority For Collection Actions
You can now find complete payroll accounting software that fits the needs of most users regardless of their payroll requirements.
The Top Ten Features of Payroll Software
Automatic Tax CalculationsPayroll Software should automatically calculate net pay, federal withholding tax, Social Security tax, Medicare, state and local payroll taxes. This feature greatly reduces the time to prepare payroll for business owners whom still manually calculate their withholdings. The software provider should have the most up to date tax tables and stand by their software's calculations.
Customizable Deductions, Incomes and Tax CategoriesYour Payroll software should allow for the creation of custom made deduction categories. Federal FormsPayroll forms are complex. Business Reports
Payroll software can support two options for check printing.
Does the software company provide technical support?
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