Payroll Taxes are Due, with Penalties and Interest
At least that is what the letter from the IRS says. First thing, dont panic. Quoting Daniel J. Pillas study for the Cato Institute About 40 percent of the revenues the IRS collects through penalty assessments are abated when citizens challenge the penalties.
So we now know the odds are good that the IRS is wrong or will blink first. What do we do?
The normal problems with payroll taxes are.
Failure to File.
Taxes under reported.
Taxes under deposited.
Taxes deposited late.
Any of these can create a situation where the services charges penalties and interest against a business and then sucks up subsequent tax deposits creating additional late and short payments simply exacerbating the situation. We will get to that later.
Read the notice from the IRS. It should tell you why they are charging a penalty and interest and how it is calculated. If the notice does not lay out that information, you have missed the first notice from the IRS. That is not at all unusual. If you dont have the first notice call the IRS and get all the information from...
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