Business taxes can get tricky, especially if you have a significant number of employees. Small businesses and those that are new to having employees can be most at risk for overlooking IRS requirements or underpaying taxes due.
IRS enforcement is aggressive when it comes to late or missing payroll tax payments, as well as other business-related taxes. Keeping your business afloat may be difficult if the IRS places liens on your bank accounts, property, and other important assets.
From the most successful large company to the most humble start-up or entrepreneur, good payroll recordkeeping and timely tax payments are critical functions of doing business. Even if your business has closed, you may have unresolved payroll tax issues that need to be dealt with to satisfy IRS requirements.