What is 941 payroll tax debt?
941 payroll tax debt refers to unpaid federal payroll taxes that an employer is responsible for withholding from their employees’ wages and submitting to the IRS. This includes taxes for Social Security, Medicare, and federal income tax.
How do I know if I have 941 payroll tax debt?
You may have 941 payroll tax debt if you have received a notice from the IRS stating that you owe unpaid payroll taxes. Additionally, if you have not been submitting your payroll taxes on time, you may also have accumulated debt.
Can I negotiate a payment plan for my 941 payroll tax debt?
Yes, you can negotiate a payment plan with the IRS. You may be able to pay off your debt in monthly installments or even negotiate a reduced amount.
Will my business be shut down if I have 941 payroll tax debt?
The IRS may take legal action to collect unpaid payroll taxes, including levying your bank accounts, garnishing wages, or even shutting down your business. It is important to address your debt as soon as possible to avoid these actions.
What should I do if I can't afford to pay my 941 payroll tax debt?
If you are unable to pay your 941 payroll tax debt, you should contact the IRS to discuss your options. They may be able to offer you a payment plan or even a temporary hardship status.
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Services
Offer in Compromise
Allows eligible taxpayers to settle their tax debt for less than the full amount owed.
Payment Plan
Allows eligible taxpayers to pay their taxes within an extended timeframe. In some circumstances, taxpayers can settle for less than what they owe.
Read MoreRemoval of Federal Tax Liens
Explores different ways to release the taxpayer from a tax lien burden.
Penalty Abatement
Procures an administrative waiver for certain types of penalties if some conditions are met.
Innocent Spouse Relief
Seeks relief from tax debts if spouse improperly reported/omitted items on your tax return.
Read MoreIRS Bank Levy
Provides interaction with the IRS and Bank to grant you access to the funds in your accounts.
941 Payroll Tax Issues
Offers taxpayers representation to settle payroll tax non-compliance.
Wage Garnishment release
Explores different ways to release the taxpayer from a wage garnishment.
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