7 Important Things about Payroll Taxes for Small Business Owners Presented by Call us at: www.longislandtaxresolution.com

1) Things to remember if you’re a small business owner Small business owners are preoccupied with keeping inventory in stock, hiring employees, and managing the books, but they shouldn’t ignore payroll taxes. The IRS takes payroll taxes very seriously. Call us at:

2) Businesses with Employees in More than One State If you own a business with employees in more than one state, payroll taxes become much more complex. Different states have individual rules and regulations regarding how payroll taxes are calculated, handled, and distributed. Make sure you understand the tax liabilities involved. Call us at:

3) Tax Compliance Enforcement Slipups with taxes can carry stiff penalties. The IRS focuses its tax compliance enforcement on small businesses because they have been identified as the single largest source of uncollected taxes in the country. Call us at:

4) Do Not Interfere with Payroll Taxes Do not interfere with the funds from payroll taxes. It is against the law to borrow or use payroll taxes for any purpose because they don’t technically belong to you. Payroll taxes are a portion of your employees’ pay checks and do not belong to the employer. Call us at:

5) Constantly Monitor Constantly monitor payroll taxes on a rolling basis. The need for continual evaluation is huge because tax laws and requirements change frequently. Being unaware of current law or changes with the law can come with costly mistakes. Call us at:

6) Bonus Checks and Overtime The timing of bonus checks and overtime payments can have major tax implications. These payments should be properly aligned with payroll tax due dates. Improper alignment could cause penalties and fines. Call us at:

7) Stiff Penalties Improper payroll tax deductions can lead to stiff and severe penalties. Failure to pay payroll taxes is a federal crime. If the situation is severe, it could be referred to the Criminal Investigation Division or Department of Justice. Call us at:

8) Delinquent Payroll Taxes If you have delinquent payroll taxes, you must act swiftly. The best advice is to stay current on present and future payroll tax withholdings. The second piece of advice is to seek professional tax relief help. Develop a plan for paying off your debt. Delinquent payroll taxes add up quickly and can be considered a federal crime To avoid unnecessary penalties, it’s best to cooperate. Call us at:

Frequently Asked Questions about Payroll Taxes. 9) How can I ensure compliance? There are hundreds of rules, codes, and regulations regarding payroll and payroll tax withholdings, which often lead to confusion. To avoid mistakes it’s important to educate yourself on common errors. Learn about simple ways to follow the rules. Get professional help when necessary. Call us at:

10) I have delinquent payroll taxes, am I in trouble? The short answer is “not necessarily.” As soon as you find out about delinquent payroll taxes, contact professional help. It is best to deal with the IRS honestly. There are many services, software, and tools to help. Call us at:

11) Important Points to Remember Payroll tax deductions are an important part of running a small business. Follow laws and regulations, which might take some research or help from a professional. Contact Long Island Tax Resolution Services to receive help for payroll taxes. Call us at:

Contact Long Island Tax Resolution Services Small business owners should know about these 7 important things about IRS payroll tax services. Solve your tax problems with our expert tax consultants. Call us at: Follow Us On