Tax fraud around employment taxes is extremely easy to do and the consequences are not easy to take when the Internal Revenue Service or the IRS gets involved. If you have committed employment tax fraud, you will need a good lawyer, and you should reach out to an IRS tax lawyer in Baltimore, MD, such as the ones available at USA Tax Law.
Good IRS tax lawyer in Baltimore, MD is going to be able to help you with representation, they’re going to be able to help you walk to an IRS audit, they’re going to be able to help you if you’re facing allegations of tax fraud or crime. And did you know that when it comes to tax fraud, an employee was required to collect and pay over payroll taxes to the IRS?
There are a number of recognized schemes by which business owners and managers the payment of payroll obligations, and doing so can temporarily boost the bottom line and nudge a company out of the writing group under your PM vacation but if the scammer does not know when to quit or is just tripped up along the way the IRS will begin a criminal tax investigation.
You may be wondering what it means when you’re caught and what that’s going to translate to if you are a business owner that is caught. One of the most important things to remember about funny to pay over employment taxes is the fact that it is going to be personal. After all when you run a business you are responsible for paying over payroll taxes after point. If you are going to be the person with that responsibility to withhold and pay out payroll taxes the collected money is held in trust until the sums paid over to the government, and if that sum is intentionally diverted away the IRS is going to pursue you. They may even pursue your personal assets to get the unpaid taxes back.
The interesting thing goes if you are delegating responsibility to someone else, it’s still your responsibility as the business owner. Whenever the diversion of employment taxes and that penalty is to be based on the amount of unpaid trust fund balance. If any of the tax fraud that led to the IRS investigation, the penalty can even bankrupt a business and can even lead to criminal charges down the line.
Not only can you find yourself with criminal charges, but as employment taxes belong to the government if you fail to pay them or you fail to pay the TFR P and are charged with a tax crime, you can wind up with $10,000 in fines, prison time as well as the balance that is due from the trust fund.
This can bankrupt you and your business. Payroll taxes are extremely easily filched and if you are aware of gaps in your appointment tax payments please seek advice from a IRS tax lawyer in Baltimore, MD. If you are considering borrowing some of those payroll taxes even just for a little while please remember that you may end up paying for that private loan for many years to come.