Robbing Peter to Pay Paul Can Land You In Jail
You can see it every day. It’s on the radio, TV, social media, and even talked about openly at events with friends and family. No one is immune to the current state of our economy. When it comes to stressful financial times, folks often have no choice but to get creative. You know, withdrawing from one account to cover other expenses…
When it comes to owing Uncle Sam payroll tax, it is illegal, unethical and personally dangerous if you rob Peter to pay Paul. In fact, it can land you in jail.
With other forms of IRS tax debt, it can take the IRS years to figure it out and begin the audit or collections process. However, with regard to payroll tax debt, Uncle Sam is extremely proactive. Did you know that the IRS has the authority and the legal means to padlock your business doors, intercept payments from your clients, and hold you (and your officers) financially responsible for payroll tax debt? This means that Uncle Sam can seize your personal assets including bank accounts, homes, cars, and even commissions from your clients to satisfy payroll tax debt.
I cannot overstate the seriousness of Payroll Tax problems.
And here’s why… The IRS views payroll tax as a “trust fund tax” because as an employer, you are entrusted with funds that actually belong to your employees and/or the government. If you spend withheld payroll tax funds on anything other than payroll tax, it is illegal. When you don’t pay the payroll tax, it’s considered theft. I’m sure you realize that bad things happen to people who steal from the IRS.
If you’ve found yourself saddled with an IRS payroll tax dispute, it’s important to act quickly. Jay Willis and The Willis Firm can help you negotiate with the IRS, the right way, so that you can obtain the best solution possible. Contact us today! 877-254-5254.
Remember: When it comes to payroll tax, NEVER rob Peter to pay Paul! For more information regarding this issue, visit: http://www.irsallstar.com/our-services#11