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Delinquent Payroll Tax.

If you own a business and you have failed to pay payroll taxes or file payroll tax returns, the IRS may levy assets of the business and may even shut the business down. Regardless of whether or not the business is closed, still in operation or files for bankruptcy protection, the IRS will still have the legal capacity to collect taxes. In accordance to IRS Code Section 6672, former officers and directors of the business are personally liable for these taxes.

If you own or have owned a business in the past, the IRS collects what is called "941/ 940 payroll taxes" - commonly known as employment taxes. The 941 tax is due every operating quarter (four quarters a year), and the 940 is due annually. If they are not paid, the IRS can and will levy against anything you own. Penalties and interest will continue to accrue, which could mean an IRS lien or other devastating action. The penalties and interest alone can get very high, thus increasing the total tax liability. This is widely considered to be the worst form of tax debt, as the IRS considers it "stealing" directly from the government. If these taxes are neglected long enough, the business can be closed and all assets seized to satisfy the debt. Should the business close and the IRS seizure of all assets not satisfy the tax liability, the individual shareholders, officers and employees will be held accountable and liable. Non-payment of 940/941 payroll tax liabilities is then attached to personal social security number and personal tax returns, since the IRS will file Civil Penalties. This is one situation where professional tax help is essential.