Some Tips For Payroll Taxes Law In South Carolina

Some Tips For Payroll Taxes Law In South CarolinaThis article discusses:

  • Penalties for mismanaging and not paying payroll taxes.
  • Whether you can appeal tax liabilities.
  • What a collection due process hearing is.
Can The Greene Law Firm, P.A. Help Me If I Face Trust Fund Recovery Penalties Associated With Allegedly Mismanaged Withheld Taxes?

We can certainly assist you if you face Trust Fund Recovery penalties associated with mismanaged withheld taxes.

The Trust Fund Penalty is a tax assessed against an individual who is a responsible person in a company. In this context, a responsible person refers to someone such as:

  • The president;
  • The CEO;
  • The bookkeeper;
  • Others responsible for doing payroll.

The IRS can assess Trust Fund Penalty against any responsible party when the company does not pay its payroll taxes on time.

What Are The IRS Penalties For Mismanaging And Not Paying Payroll Taxes?

There are several different penalties for mismanaging and failing to pay payroll taxes.

Penalties for non-paying and late paying can go up to 15%. This is a graduated penalty, depending on how long you take before paying. If you have not paid within 15 days, it is 10%. If the IRS escalates and sends you a letter for collection, it jumps to 15%.

There’s also the Trust Fund Penalty, which is assessed against an individual responsible for paying the taxes when the company does not pay.

Can My Business Challenge The Tax Liabilities Or Penalties Through Appeals Or Litigation?

Your business can challenge tax liabilities. If you believe the IRS has assessed penalties and interests or more payroll tax than you should pay, you can appeal through the collection process. There are several levels of appeal. As a last resort, in most cases, you are entitled to file a petition in the tax court or the federal court.

The IRS Is Alleging My Business Expenses Were Personal Expenses. Can The Greene Law Firm, P.A. Help Challenge Attempts The IRS Makes To Reclassify Charges As Personal Expenses?

We can certainly help fight the IRS when it alleges your business expenses are personal expenses.

You will need to go through all expenses you claim are business expenses and provide us with the purpose of those expenses, that is, how those expenses furthered the business. If we can demonstrate this, we can then show that the IRS should allow those expenses.

What Is A Collection Due Process Hearing? Can The IRS Collect, Levy, Or Garnish Wages Until The Hearing Takes Place?

When you are issued a notice of a levy or a lien, you have 30 days to file for a collection due process hearing. In other words, under the constitution, you have a right to be heard before the IRS takes collection action.

Once you file that request for the hearing, the IRS cannot do anything, including levy you, until the hearing is heard. Before you request that collections hearing, they can levy you. So you want to be sure you request accordingly as soon as possible.

If I’ve Been Targeted For An Audit By The IRS, Should I Speak With A Qualified Tax Attorney Before Making Any Contact With The IRS?

We generally advise you to speak with a qualified tax attorney if targeted for an audit by the IRS. However, if the letter you received gives a deadline to contact the auditor and you cannot see an attorney before that, you should at least call the auditor to tell them that you are retaining counsel and that the attorney will call them. After this, you should get to a lawyer as soon as possible.

With the guidance of a skilled attorney for Payroll Taxes Law, you can have the peace of mind that comes with knowing that we’ll make it look easy. For more information on Payroll Taxes Law in South Carolina, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (864) 271-7940 today.

Office Location

11 McGee Street
Greenville, SC 29601

Phone: (864) 271-7940
Fax: (864) 370-3413
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