What If You Can’t Pay Payroll Taxes?
In this video, Darrin T. Mish, tax attorney discusses some of the questions businesses ask about non-payment of payroll taxes. His advice is to “get current” as soon as possible, even though the IRS may not catch the lapse for up to four years and because IRS payroll tax problems can quickly escalate, once identified.
1. What form is the Employer’s Quarterly Federal Tax Form?
2. What is known as the trust fund portion of the payroll tax obligation?
3. In general, if an agreement is made with the IRS to pay back payroll taxes, over how many years is this agreement?
Source: YouTube.com. What to do if you are behind on payroll taxes, June 23, 2009. (Retrievable online at http://www.youtube.com/watch?v=HTvpHyl4WsA)