As a business owner, there are some certainties in life. One such certainty is the fact that you will have to deal with the IRS at some point, which is why you may wish to seek tax help sooner, as opposed to later. Recently, the number of business owners seeking an Enrolled Agent for payroll tax problems has increased exponentially. This is mainly due to the fact that payroll tax is not as simple and as straightforward as the IRS would have you believe. We know that the IRS doesn’t pull any punches when it comes to taxes owed, so, with that in mind, here’s a look at a few common payroll tax problems, and what you can do to avoid making them.
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Failing to send 941, 940, 1099 forms – If you’re an employer, it’s important that you understand the importance of filing and sending in 941, 940 forms when dealing with payroll & employment taxes, especially if you utilize employees, or 1099 subcontractors, or outside companies, to carry out work for you. By speaking to an Enrolled Agent for payroll tax problems, one of the first things they will tell you is that, by law, any self-employed individual receiving $600 or above each year, must receive a 1099 form. Failing to send this form can result in a $75 fine for every form not sent. If you’ve been dealing with, say, 10 sub-contractors for the last year, this means that you, the employer, could be fined $750. Would you want to hand $750 when you didn’t have to? Of course not, so seek tax help and speak to a tax expert to ensure nothing is left to chance. Of course regular filings of your quarterly 941’s and annual 940’s for your employees is mandatory and should be filed timely to avoid any problems.
You are now at Mike Habib’s website, Mike is an IRS licensed enrolled agent and his tax firm represents taxpayers in all 50 states; he is a tax relief expert and specializes in resolving 941 payroll and employment tax issues.
Call Mike Habib now at 877-788-2937 for a free evaluation.
Mistakes and errors – One thing that baffles tax experts about business owners, is that, rather than hiring professionals, they instead often try to handle their taxes themselves, even if they’re far too busy and don’t honestly know where to begin. Needless to say, they often make calculation mistakes and errors when submitting their taxes, such as 941 payroll taxes. This often results in fines and penalties because, even though it was an innocent mistake, the business owner still submitted incorrect info. If you’re dealing with employment & payroll tax, it’s well worth hiring an experienced Enrolled Agent for payroll tax problems, as they’ll handle your resolution for you, and will ensure that the info the IRS receives, is accurate and above board.
Late payments – Next on our list of payroll tax problems and mistakes is late filings or payments. We know that life gets in the way of all kinds of things – including paying your payroll taxes, but the IRS doesn’t care about this. The IRS want money owed to them, and they want it on time. Failing to pay, or making late payments will result in penalties & fines, so you’ll be forced to pay even more money. Normally you will receive a penalty monthly charge fine, which is 0.5% of the taxes that you owe them. As if that wasn’t bad enough, if you’re late with deposits, a further 25% charge can be added on for good measure. Again, this is where it pays to seek expert tax help, and to hire an Enrolled Agent for payroll tax problems, as they can ensure that you get a reliable resolution with the IRS.
Call Mike Habib now at 877-788-2937 for a free evaluation.
Mike Habib is an IRS licensed Enrolled Agent who owns and operates a specialized tax representation boutique firm offering 941 payroll & employment tax help to businesses in various metro areas such as Los Angeles, Whittier, Pasadena, Glendale, Burbank, Orange County, Riverside, Palm Springs, San Bernardino, Palmdale, Bakersfield, New York, New Jersey, Chicago, Houston, Phoenix, Philadelphia, San Antonio, San Diego, Dallas, San Jose, Detroit, Jacksonville, Indianapolis, San Francisco, Columbus, Austin, Memphis, Fort Worth, Baltimore, Charlotte, El Paso, Boston, Seattle, Washington DC, Milwaukee, Denver, Louisville, Jefferson, Las Vegas, Reno, Hempstead, Tucson, Nashville, Davidson, Portland, Tucson, Albuquerque, Santa Fe, Anchorage, Atlanta, Long Beach, Fresno, Sacramento, Mesa, Kansas City, Cleveland, Virginia Beach, Omaha, Miami, Oakland, Tulsa, Honolulu, Minneapolis, Pittsburgh, Colorado Springs, Arlington, Wichita, Birmingham, Montgomery, Tampa, Orlando.
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Tax representation boutique firm offering 941 payroll & employment tax help to businesses throughout Southern California including Whittier, Norwalk, Santa Fe Springs, Downey, Pico Rivera, Montebello, Hacienda Heights, La Habra Heights, West Covina, La Habra, Brea, Fullerton, Yorba Linda, Cerritos, La Mirada, Lakewood, Anaheim, Santa Ana, Long Beach, Compton, Torrance, Los Angeles, Pasadena, Beverly Hills, Santa Monica and throughout Los Angeles County, Newport Beach, Irvine, Orange County, Corona, San Bernardino County, Riverside County, the Inland Empire, the San Fernando Valley, Ventura county, and the San Gabriel Valley.