The IRS views failing to pay payroll taxes as the cardinal sin of tax delinquency because a large portion of the payroll taxes are your employees' withholdings. Not paying your company's payroll taxes is tantamount to stealing your employees' money in the eyes of the IRS. Jeanine and her contractors/vendors specialized in tax compliance can help you with calculating and how to pay your estimated tax payments. Any balances due for employment taxes, income taxes, or other taxes, should be paid off in full by no later than the original tax return due date.
Most employers and some individuals are required to make estimated tax payments for both employment tax compliance and income tax compliance purposes. Payroll accountants and tax accountants are qualified to assist businesses with payroll tax requirements. It is advisable to confer with a licensed tax professional such as an Enrolled Agent (EA), Certified Public Accountant (CPA), or Attorney (JD licensed) for tax planning of your estimated tax payments calculations and payment options. Please note that only EAs are exclusively tax compliance professionals. CPAs and JD licensed professionals may or may not be tax compliance experts, so you must inquire as to their expertise in taxation before assuming that they are tax compliance knowledgeable, if you consider hiring them for tax advisory reasons.
Do not make the erroneous assumption that all CPAs with licenses focused on audits and attestation services, and JD licensed attorneys with licenses focused on a diversity of law types, are tax compliance experts. You must investigate and confirm that licensed professionals other than federally licensed Enrolled Agents (EA) are tax compliance experts who can appropriately advise you on tax compliance obligations. Also, within the payroll service departments selected by clients, you will find many of the payroll accountants to be Certified Payroll Professionals (CPP), indicating payroll compliance knowledge beyond basic payroll processing.
The IRS views failing to pay payroll taxes as the cardinal sin of tax delinquency because a large portion of the payroll taxes are your employees' withholdings. Not paying your company's payroll taxes is tantamount to stealing your employees' money in the eyes of the IRS.
We recommend that businesses and entities with employees secure the engagement of payroll and tax professionals to assist them with their employer compliance obligations. Most employers are not knowledgeable enough to follow through with the continuous need for compliant payroll processing, estimated taxes calculation and submission, and employer tax returns that must be filed by specified due dates. It is too easy to think that payroll is "easy",and to do or not do the right things, to be compliant and avoid penalties and interest in addition to required taxes payable by the due dates. Failure to file the required employer tax returns by the quarterly and annual due dates can also result in penalties and interest if employers do not complete them on time or at all. This is why tax accountants and payroll accountants are important members of your services team. We would be glad to engage with you to provide these services for your business or entity.