Tampa Payroll (941) Taxes Attorney

Payroll (941) Taxes are the most aggressively collected and penalized of all taxes. Without proper representation, Payroll (941) Tax problems can put you out of business. Tampa IRS tax audit lawyers from our office can help you solve this problem.

Sometimes circumstances beyond your control force you to make tough decisions. Sometimes it's a decision between paying your operating expenses or paying your Payroll (941) Taxes. It's a spot no business owner ever chooses to put themselves in, but it happens.

For help with payroll tax problems, Tampa IRS tax relief attorney Brian Loughrin is ready to help. Call (813) 517-8074 or contact us online today.

What Are the Penalties for a 941?

Federal Employment and Payroll (941) Tax delinquencies can result in the assessment of massive penalties & interest along with the seizure of your business and personal assets. Federal Payroll (941) Tax laws give the IRS greater authority to collect what is owed.

This authority includes the ability to collect these taxes from the owners and corporate officers. Even if the business is voluntarily or involuntarily closed, the owners/corporate officers are personally liable for these type of taxes - and Payroll (941) Taxes cannot be discharged in bankruptcy!

Consequences of Delinquent Payroll Taxes

Delinquent Payroll (941) Tax problems are full of obscene interest and penalty charges, such as:

• Penalty for filing a late return or corporate report.
• Penalty for making a late deposit or failing to make one.
• Interest on the delinquent taxes and interest on the penalties!
• Assessment of penalties that no one can seem to adequately explain to you.

Adding the above amounts together, it's easy to see why Payroll (941) Taxes are often called the 100% Tax. Penalties and interest added together can quickly equal 100% of the actual tax!

Payroll Tax Obligations for Florida Employers

In Florida, employers will withhold 6.2% of your earnings for Social Security taxes and 1.45% of your earnings for Medicare taxes. Your employer will match that by contributing the same amount.

Note that if you’re self-employed, you’ll need to pay the self-employment tax, which is the equivalent of twice the FICA taxes - 12.4% and 2.9% of your earnings.

Half of those are tax-deductible, though. Earnings over $200,000 will be subject to an additional Medicare tax of 0.9%, not matched by your employer.

In recent years, the IRS issued some notable revisions for the Form W-4. Rather than asking you to list total allowances, the new W-4 uses a five-step process that allows filers to enter personal information, claim dependents and indicate any additional income or jobs.

Understanding Payroll Tax Challenges in Tampa

As a business owner in Tampa, navigating the complexities of Payroll (941) Taxes can be particularly daunting. Local businesses often face unique challenges, especially with the economic fluctuations that can impact cash flow. The City of Tampa and the Florida Department of Revenue provide resources to help you understand your tax obligations, but the burden of compliance can still feel overwhelming.

Many Tampa entrepreneurs find themselves in a tough spot, having to choose between meeting payroll and fulfilling tax obligations. This is a common pain point, especially for small businesses that may not have a financial cushion. The fear of penalties and interest can lead to sleepless nights, and the potential for personal liability adds another layer of stress. It's crucial to stay informed about local regulations and seek assistance when needed.

Don't let Payroll (941) Tax issues jeopardize your business. Reach out to us today to discuss how we can help you navigate these local challenges effectively.