Payroll taxes come in many forms and have different due dates based on the size and frequency of payroll. Due to the recurrent nature of payroll, businesses can quickly fall behind resulting in compounding penalties and interest for late or unfiled returns and payments. To make this unfortunate reality worse, not knowing when and how frequent to file the returns and payments is not an acceptable reason for penalty abatement. Penalties on late or unfiled payroll taxes are not only higher and more crippling than other business taxes, but the IRS is less forgiving and will hold Owners personally liable for the portion that was withheld from employee wages.
CPAs for Hire understands payroll taxes and all of its nastiness… leave this headache to us!