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Failure to pay Trust Fund Payroll Taxes

Trust fund taxes are the funds a business withholds from employees’ wages to pay the employees’ income taxes and their share of FICA (Social Security and Medicare). After the taxes are withheld, they must be paid to the U.S. Treasury via Federal Tax Deposits.

Failure to pay trust fund taxes to the Internal Revenue Service (IRS) can result in serious consequences. You may be required to pay a penalty and/or interest to the IRS if you fail to pay trust fund payroll taxes in a timely manner. In serious cases, the IRS may institute criminal proceedings against a business owner who fails to pay trust fund taxes.

Professional Legal Help Is Available for Business Tax Problems

If you owe the IRS trust fund taxes, the best thing to do is to take action to remedy the problem, with help from an experienced attorney. Your tax lawyer can negotiate on your behalf with the IRS to help you reach a fair settlement agreement that satisfies the IRS’s needs and accommodates your financial circumstances.

At the law office of B. Phillips & Associates, P.C., we offer professional and knowledgeable legal assistance for business owners who require help negotiating back payment of trust fund payroll taxes. We regularly represent business owners in negotiations with the IRS to arrange for payment of trust fund taxes owed to the federal government.

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If you owe the IRS trust fund taxes, the total amount due — plus penalties and interest — may be overwhelming. With help from our law firm, you may not have to pay the entire amount in a lump sum, or you may be able to pay a lesser amount and still satisfy your IRS tax debt.

On your behalf, we will prepare an Offer in Compromise (OIC) and submit it to the IRS. The OIC is used to explain your financial circumstances to the IRS and to negotiate with the IRS for a settlement of your tax debt. If the IRS refuses to accept the OIC, we are able to represent our clients in IRS appeal proceedings as well.