Rule:The
IRS shuts down businesses that cannot pay employment taxes.
All
the IRS wants is money!
The
Internal Revenue Service does not care if closing down your business
will throw your employees out if work.
This argument will get you nowhere fast! In fact, by
shutting-down your business the Revenue Officer gets credit for being
an aggressive employee of the IRS.
The government's 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. They do not care about a higher purpose
of producing more or keeping the economy going!
First
, the IRS will send notices.
These notices are computer-generated form letters so they do not seem
as important as they are to your business. The notices may be a simple
"request" for filing or payment for a quarter or more of taxes.
This will be followed by calls
and ultimately by unannounced visits
by Revenue
Officers (collection
agents for the IRS.)
If you don't have your tax attorney immediately
deal with the issue, the IRS will Levy
your business bank account. They
will take everything
in your account even if it means your checks bounce and you cannot pay
employees, taxes and creditors!
The
IRS will harass your customers and levy on 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. Many banks will close a business credit
line when a lien is filed.
If
there is not enough money to pay the 941 taxes, the IRS will shut
down your business.
If your business cannot make payroll taxes, the IRS assesses the 100% Penalty
(now
euphemistically called the Trust
Fund
penalty) against the owners and officers. In addition to attacking
the owners and officers, the IRS will assess check-signers and
other so-called Responsible Persons
even if they are not owners nor executives of the business! The
government has further stacked the deck in their favor by prohibiting
indiviuals from discharging in Bankruptcy trust fund withholding taxes.
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 today! I will
negotiate with IRS on your behalf. Do not speak to the Revenue Officer
as they will use any information to rob your business of money. Even
though my office is in New Jersey, I handle Federal Tax matters all
over the country.
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