What are 941 Payroll Taxes?
• When a person owns a business which employs others, the IRS assesses to that business what it calls 941 taxes (also referred to as employee withholding taxes.) This tax is due quarterly, and if left unpaid, penalties and interest begin to accrue, considerably increasing the size of the debt. If these taxes are neglected long enough, the business can be closed and all assets seized to satisfy the debt. This is widely regarded as the worst form of tax debt as the IRS considers it stealing directly from them. Depending on the variables of the case, the taxes themselves can usually be negotiated down to a settlement, and the associated penalties and interest abated. As these cases vary substantially in intricacy, your tax specialist will provide a detailed assessment of your situation and show you the most affordable solution possible.
