David A. Sprecace PC

Description

Payroll tax. Some undercapitalized businesses may “pyramid” in the nonpayment of taxes, which only makes an IRS Revenue Officer more determined to get the business into compliance, or to shut it down. As a tax lawyer practicing since 1993 in Denver, I can help get your company into return-filing and tax-paying compliance. If your company owes payroll taxes, it is time to take a serious look at the cash flow of the business, and any management and marketing problems that may be causing your company to fail at this integral part of the business.

Needless to say, payroll taxes are an important part of running a business. If they are not paid, the IRS (and a state taxing agency) is quick to enforce collection of the taxes due—sometimes collection action will occur within two quarters of nonpayment. This can cause some undercapitalized businesses to “pyramid” in the nonpayment of taxes, which only makes an IRS Revenue Officer more determined to get the business into compliance, or to shut it down. The IRS considers the nonpayment of payroll taxes equivalent to making the United States an unwilling business partner or lender. Unlike debts to a business partner or lender, though, Trust Fund Recovery Penalties assessed against “responsible persons” who “willfully fail” to collect and pay payroll taxes are not dischargeable in bankruptcy. Arguably, paying payroll taxes is more important than paying vendor bills. If your company owes payroll taxes, it is time to take a serious look at the cash flow of the business, and any management and marketing problems that may be causing your company to fail at this integral part of the business.

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