Phoenix Financial Group helps businesses with their payroll tax debt.
Businesses accrue this type of tax debt on their Form 941 - Employer's Quarterly Withholding Tax Return by failing to make their Federal Tax Deposits.
Businesses are required to pay the IRS their employee's withholding, social security and medicare via a Federal Tax Deposit using www.efpts.gov.
Depending on how large an employer's payroll tax due is, they can be either an annual, quarterly, monthly or "semi-weekly" depositor. Most businesses are either monthly or "semi-weekly". Gone are the days where an employer can make a Federal Tax Deposit at a bank. Deposits must be made on-line or the business will be assessed a penalty.
Some business run into cash flow problems or have been hit by a bad economy and end up not making their Federal Tax Deposits. Then when they go to file their 941 return at the end of the quarter, the IRS realizes that they didn't pay their taxes and the collection process begins. One common and costly mistake is for a business to fail to file their return because they didn't have the money to pay it. All this does is compound the problem because the IRS will assess a (severe) penalty for not filing the return on time. So even if a business can't afford to pay the tax due, it should still file its return on time.
The tax professionals at Phoenix Financial Group assist businesses with their back 941 tax debt. If the business has outstanding (un-filed) returns, Phoenix can file them. All cases are worked by either a licensed tax attorney or IRS Enrolled Agent. They handle the contact with the IRS and its Revenue Officers for the business. They will assist in the completing of the required financial statement forms (Form 433-A and Form 433-B). They will make sure the business is protected from the IRS' Enforced Collection Actions like bank levies and accounts receivable levies.
Phoenix Financial Group can get you the tax help that you need. They offer a flat fee service and can guide you to the best resolution option available to you. Give them a call at (888) 572-2179 or send an email to info@pfgtax.com for a free consultation.
