Have you failed to pay payroll taxes?
Failure to pay payroll taxes can lead to severe consequences, swiftly destroying your business, your personal assets, and even your freedom. As an employer, you are required to withhold income taxes and FICA taxes (Social Security and Medicare) from your employees’ paychecks and hold the funds in trust until you turn it over to the IRS according to your deposit schedule.
What happens when you don’t remit payroll taxes?
If your business fails to remit payroll taxes, the IRS can come after you as an individual, holding you personally liable for the trust fund recovery penalty. This 100% penalty is not dischargeable, even in bankruptcy. The immense repercussions for neglecting your payroll taxes can quickly generate huge tax debts and wipe out your business.
What We Do
We work with clients to prevent this from happening but also help new clients get in compliance moving forward to minimize damages and keep their business in operation.
Ready tax resolution?
Contact Onyx Today
Fill out the form below and we will contact you immediately. Peace of mind is a conversation away.