Taxes are confusing, unless you have studied the subject or have a degree in it. The laws change frequently and it is difficult to keep up, or to know which ones will affect you and your taxes. At San Diego Tax Attorney Service, we understand this, and we try hard to stay on top of all the changes, so we can assist you in connecting with a tax professional who suits your needs.
Business taxes can be especially confusing. There are certain forms that must me filed, at certain times during the year, and if you miss a payment, you will be penalized harshly. One major penalty the IRS will add is the Trust Fund Recovery Penalty and it will double the amount you owe the IRS! This will make it even more difficult to pay back the taxes you owe. A form 941 is a report that you must file quarterly, and it basically tells the IRS the amount of earnings that are paid to your employees as well as the employers share of Social Security and Medicare Taxes and the employer withholding amounts. It is vital that this report gets filed on time, or you will be penalized. The form 940 is used to report your Annual Federal Tax Act, or FUTA, taxes. The FUTA tax, along with any state unemployment taxes, funds the unemployment benefits paid to people who are no longer employed.
If you have delinquent payroll taxes, or are having trouble filing any of your other employer taxes, contact San Diego Tax Attorney Service to discuss your options and be connected with a small business tax specialist. Time is of the essence, so make sure you take action today, to get started on a resolution
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