Help, the IRS Padlocked my Doors! - The Appletree Core Newsletter ...

Oftentimes, I?ll meet a new business owner who simply doesn?t respect the power of the IRS.

Typically, the small business owners is just starting out. He or she figures that they don?t really have the money or even the wherewithal to deal with paying their payroll taxes, and so they ?start? to get behind.

This can be a routine that starts innocently enough, but then just gets bigger and bigger and bigger. Amazingly, you might not even hear from the IRS for many months. You have quarterly obligations, but you may have ignored that as well, so the IRS won?t even know you exist.

Eventually, an employee is going to want a W-2, or somebody files for unemployment, or maybe you got visited by the labor department.

But that?s OK. The IRS is patient. They barely even know who you are, and you figure that?s a problem for another day.

You can do this with about 10 employees and find out that in a year?s time, you owe $50,000.

So now the IRS knows who you are, and they are not very lenient about people who don?t pay payroll taxes. That?s because payroll taxes are? mostly a ?Trust Tax?, whereby your employees entrusted you to turn their witholdings over to the government.

While you?re in business, the IRS can easily seize money from your bank account, they can even padlock your doors.

Make sure you?re staying on top of your obligations or get out of business.

My clients are confident knowing that as long they do what we tell them, they?ll be fine with the government. We?ll even pay any penalty if the client did what we told them to do.

Are you confident the IRS can?t come after you?

Presented by Steven A Feinberg, CPA of Appletree Business Services LLC, a PASBA member accountant, located in Londonderry, New Hampshire, with more than twenty- five years experience on Federal and New Hampshire issues affecting small business, and specializes in tax, payroll and business planning for his clients throughout the year. Steve is a recognized member-contributor of the book, Six Steps to Small Business Success. For additional information, you are encouraged to email Steve at [email?protected] or call (603) 434-2775.

Steven A. Feinberg ? www.AppletreeBusiness.com ? Get Appletree Blog via Email ? Follow CPAsteve on Twitter

Filed under: Uncategorized Tagged: | bookkeeping, Business, IRS, IRS Audit, New Hampshire, payroll, Small Business

Source: http://blog.appletreebusiness.com/2013/02/07/help-the-irs-padlocked-my-doors/

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