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CuraDebt Stresses On The Importance of Payroll Tax Resolution
The article shares insights on what happens when one incurs payroll tax debt, how to deal with it, and why addressing payroll taxes early on is important.
The article starts off by highlighting the gravity of getting payroll taxes right. It states, "Miscalculations and improper documentation could lead to unpaid payroll taxes. This is a very serious matter as it could lead to hefty fines and tax debts that could cripple your business." Those who are deemed guilty by the IRS with due negligence in failing to report employment taxes could face sanctions under Section 6672 by imposing the "Trust Fund Recovery Penalty" or TFRP. Once this is enforced, the tax authorities can exhaust all legal rights to collect on the debt.
The post also highlights the four important reasons why one should never deal with tax authorities on their own and why it is imperative to hire the services of a reputable tax relief team.
Lastly, CuraDebt shares its three-phase process of solving tax debt problems. The system starts off with an investigation where all necessary paperwork is gathered and reviewed. The second step is compliance to ensure that every missing tax or erroneous returns are filed and corrected accordingly. The third and final step is presenting a viable resolution to their clients to resolve the tax debt.
CuraDebt encourages all those who are saddled with payroll tax debts to take action as soon as possible to address the matter before it's too late. The company has over 18 years of experience in helping both individual and small business owners who are facing tax-related issues.
To read the full article, visit: https://www.curadebt.com/