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BR Tax Group - Accounting Firm

Payroll Tax Problems

If you run a business and pay employees, you will deal with payroll taxes.

Social Security, Medicare and income tax withholding from employee wages is just part of normal operations. Failure to file and pay your payroll taxes is a sure way to get in trouble with the IRS. This can lead to large IRS penalties and debt, but may also be considered a federal crime.

Penalties assessed on delinquent payroll tax deposits or tax filings can dramatically increase the amount owed in just a matter of months. If you don't take quick action to address business tax audits and payroll tax problems, you will find yourself quickly out of business.

IRS payroll issues can be the downfall of many otherwise successful businesses. There are many businesses that still use the proceeds collected from payroll taxes to pay their operating expenses instead of payroll taxes. This can get you in trouble with the IRS very quickly. The money collected from employees to pay their share of federal withheld tax, FICA and Medicare (Social Security) does not belong to the business and must be accounted for and paid to the government. Generally, one must make a federal tax deposit (by tax filing service, phone, or in person at a bank) three days after the pay date of the payroll checks. If you are missing these payments, you will hear from the government.

If the IRS can’t get the payments from the company, they will start action against officers, directors, owners and others involved. If the IRS can’t collect, they will move to shut down the business and sell the assets. That is where we come in...to help you find a solution for your payroll problems.

Round Rock, Texas-based BR Tax Group have helped firms of all sizes resolve their payroll tax debt problems and the continuation of their business. We understand that business owners need working capital and cash flow to keep their businesses running. Our goal is to resolve your payroll tax issues so that you can move on with what you do best... running your business.

Workcation

“Bernard and his team at BR tax group are top notch. This is my first year using them after switching from a different local CPA and I didn't realize how much tax info I've been missing. His communication is great. The additional information he provides to maximize tax savings is something I didn't get from my previous CPA. Thanks Bernard”

Philip Ivey

Frequently Asked Questions

You can prepare your taxes yourself, especially if your business is simple.

But once you have contractors, employees, business loans, equipment purchases, mileage, mixed expenses, or growing revenue, things get more complex. At that point, tax preparation becomes a way to make sure your business is reported correctly, your deductions are handled properly, and your records can support what you file.

Send anything that shows what your business earned, spent, bought, paid, borrowed, or changed during the year.

That usually means your income records, bank statements, credit card statements, payroll reports, contractor payments, loan documents, mileage records, and prior-year tax return. Also tell me about anything unusual, such as buying a vehicle, hiring someone, opening a new location, or taking out a business loan.

Messy books can slow things down. If expenses are in the wrong categories, transactions are missing, or personal and business spending are mixed together, your tax return may not show the right profit. We may need to clean things up before filing, so your return is accurate and easier to support.

Possibly, if it was truly for your business and you have proof.

Still, it is much better to avoid this when you can. A separate business bank account and business credit card make everything cleaner. They save time, reduce confusion, and make your records much easier to defend if anyone ever asks questions.

Most small business owners can deduct ordinary business expenses like software, advertising, supplies, insurance, rent, payroll, contractor payments, professional fees, travel, and some vehicle costs.

The question I usually ask is simple. Was this expense clearly for the business? If yes, we can look at how it should be handled. Personal expenses should stay personal.

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