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Payroll Tax Non-Payment Considered By IRS As Number One Priority For Collection Actions
Payroll Tax Non-Payment Considered By IRS As Number One Priority For Collection Actions
And Personal Assets Are Not Always Shielded From IRS Payment.
Memphis,
TN,
United States of America
(prbd.net)
16/01/2011
Memphis, TN, January 14, 2011 -- Tax Solutions, ( http://www.taxsolutioninc.com ) the first and oldest Tax Resolution Services Firm in the US, wants corporations, limited liability companies and occasionally limited partnerships to understand the seriousness of unpaid federal payroll tax and how to deal correctly with this back tax problem. The simple solution is to pay them accurately and on time. But when a business doesn’t stay current on their Payroll Tax or employment taxes, the IRS will not allow them to continue to operate and, in addition, they become subject to penalties. The Payroll/employment/941 Tax owed by one of these entities is comprised of Trust Fund Tax and Non-Trust Fund Tax. The Trust Fund Tax consists of the income tax and fica/mc withheld from the employees of the business. The Non-Trust Fund Tax is the employer’s portion of the fica/mc. Joe Hill, President of Tax Solutions, who has been a well known expert in the field of taxation for the last 27 years said, "This is when a business really needs tax help. The Trust Fund Recovery Penalty (TFRP) ( http://www.taxsolutionsinc.com/trust-fund-recovery-penalties.php ) is probably the least understood tool in the IRS’ arsenal of weapons to collect taxes from businesses and is also one of the most devastating to the individuals involved with the business.
Being a field collection officer assigned to the IRS Collection Division in a past life, Hill’s job was to meet with delinquent taxpayers on a face-to-face basis and collect tax for the IRS. The main reason for forming a corporation, limited liability company or limited partnership is to shield the personal assets of the owners, stockholders and officers. Hill continued, "When it comes to Payroll Taxes, personal assets are not always shielded. Even if an owner operates his business as a sole proprietorship or general partnership and fails to pay his Payroll Tax, the business assets as well as the owner’s personal assets are subject to the IRS Lien. The IRS can seize and sell all business and personal assets of the business and owner to collect the total tax, penalties and interest owed."
During his years with the IRS, Hill met with many CPAs and Attorneys who represented taxpayers who owed the IRS. Hill continued, "In the vast majority of these cases, the taxpayer’s representative had no idea how to effectively represent and protect their clients. Although the CPA or Attorney may have been excellent in their field, accounting, tax return preparation or income tax law, they had absolutely no idea how to protect their clients when dealing with the IRS Collection Division."
"If you are contacted by a Revenue Officer, either by telephone or personal contact, you should immediately tell the Revenue Officer (in a courteous and respectful way) that you do not wish to discuss your case with them and that you wish to seek representation on this matter" said Hill. "Do not let the following scenario happen to you. Any information you provide to the IRS, may be used against you."
The Revenue Officer interviewing you will be investigating who the IRS will consider to be the "responsible person" or persons individually liable for the TFRP. He will make his recommendation based on this interview. Hill added "First of all, you should not personally participate in this interview with the IRS. Our clients are interviewed by our Associates, not by the IRS. In most cases, the answers you give the IRS to these questions will not be interpreted or written on the form in the same manner you gave them to the Agent. This does not work in your best interest. We can provide a complete defense to the TFRP for our clients. We will honestly tell you what we think your chances are for non-assertion of this penalty against you. If in our opinion, you will be declared a responsible person, we can also assist you in planning for the eventual assessment against you."
A field visit to a business owing Payroll Tax by an IRS Revenue Officer is a harrowing experience. The Revenue Officer will not schedule an appointment at your office. They will not call ahead to let you know they are coming to your office. They will show up, unannounced, for a face-to-face meeting with you. They will first demand full payment for all the tax, penalties and interest you owe. If you cannot pay in full, they will demand that you pay them all that is in the business bank account and give you a date for payment of the balance. They will also require a complete financial statement on your company including your bank accounts, equipment, real estate and account receivables. All sources for them to Levy at their discretion. After finishing the financial statement on the company, the Revenue Officer will conduct a TFRP interview with you as well as any other individuals potentially responsible for the TFRP. In many cases, they will also want a personal financial statement from you. This initial meeting may last two to four hours. Is this an experience to which you wish to be exposed?
Tax Solutions has developed certain strategies and planning techniques that are unique. Early planning may save your business and your personal assets. Hill concluded, "You will not meet with an IRS Agent. However, early contact with us is necessary to answer your payroll tax questions and to prevent the total loss of your business and personal assets."
Tax Solutions is the only Tax Firm in America specializing in full service representation before the IRS Collection Division. Hill and his Associates at Tax Solutions are "Enrolled Agents" licensed by the Treasury Department, now on the side of Taxpayers, to represent clients before the IRS in all 50 states. Tax Solutions is also a member of the Better Business Bureau ( http://www.bbb.org/memphis/business-reviews/taxes-consultants-and-representatives/tax-solutions-in-memphis-tn-33012036 ) with an A+ rating, the highest rating authorized by the BBB.
If you’d like more information, please call Joe Hill at 877-829-1400 or send an email to info@taxsolutionsinc.com. To schedule an interview with Joe Hill, please call Michael Sherman at 662-893-8360 or send an email to michael.sherman@msms.cc
About Tax Solutions:
Tax Solutions, Inc. ( http://www.taxsolutionsinc.com ) was founded in 1983 by Joseph (Joe) Hill, a former Senior IRS Revenue Officer. Tax Solutions was the first and is the oldest Tax Resolution Services Firm in America. They specialize in representing clients that owe tax to the IRS and who cannot pay the IRS the total tax owed. They represent individuals, corporations, LLCs, partnerships, trusts and estates that owe income tax, employment tax, excise tax and/or estate tax.
Each of Tax Solution’s associates are an "Enrolled Agent", and after having had extensive background checks by the Treasury Department, are licensed to represent clients before the IRS in all 50 states. These associate agents have a total of almost 200 years of experience as Senior IRS Agents and tax resolution specialists, having held positions within the IRS as Revenue Officers, Appeal Officers, Settlement Officers, Offers in Compromise Specialists, Analysts, Instructors and Managers.
Services offered include:
* Offers in Compromise * Installment Agreements
* Suspended Status * Penalty Abatement
* Innocent Spouse * Injured Spouse
* Levy releases * Asset Seizure Release
* Federal Tax Liens * Unfiled Tax Returns
* Returns Filed by IRS * Claims Filed
* Payroll Taxes * Corporate Payroll/Employment Tax Planning
* Appeals * Trust Fund Recovery Penalty Defense
* Audit Reconsiderations * IRS Transcripts
* Tax Balances Due - Individual, Corporate, Sole Proprietorships, Partnerships, LLCs, Trust, Estates
Press & Media Contact:
Michael Sherman
Tax Solutions, Inc
752 Crossover Lane
Memphis, TN 38117
Tel.: 662-893-8360
Cell:901-351-9861
michael.sherman@msms.cc
http://www.taxsolutionsinc.com
About
Tax Solutions, Inc. was founded in 1983 by Joseph (Joe) Hill, a former Senior IRS Revenue Officer. Tax Solutions was the first and is the oldest Tax Resolution Services Firm in America. They specialize in representing clients that owe tax to the IRS and who cannot pay the IRS the total tax owed. They represent individuals, corporations, LLCs, partnerships, trusts and estates that owe income tax, employment tax, excise tax and/or estate tax.
Each of Tax Solution’s associates are an "Enrolled Age
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