Here at my firm, Denson Pepper CPA, I offer a variety of tax accounting services. I have over 40 years of experience as a CPA and am happy to help business owners who have unfiled taxes.
One common unfiled tax issue I find amongst my clients is unfiled payroll taxes. Below, I will debunk three common myths about unfiled payroll taxes to help you better understand this situation.
- Myth #1: It’s okay to ignore them and move on. This is a crucial mistake and misconception about unfiled payroll taxes. If you have failed to file your payroll taxes for any reason, it’s important to resolve that issue and file the missed taxes as soon as possible. Ignoring the unfiled taxes can result in consequences such as interest, heavy penalties, liens, and other potential legal actions. Fortunately, I can help you review your records, collect the necessary information and documents for past years of missed payroll taxes, and file all the missing returns.
- Myth #2: There is no way to negotiate penalties or amounts due. This is another common misconception about unfiled payroll taxes. If you haven’t filed your payroll taxes for years, you likely have compounding penalties and more. I can help you to reduce the penalties and negotiate installment agreements to help you pay the amounts due.
- Myth #3: You’re on your own. Don’t try to tackle this difficult situation by yourself. Instead, turn to my tax accounting firm for help filing your missed taxes, negotiating with the IRS, and completing your payroll taxes on time every year
Please don’t hesitate to reach out if you would like to learn more.