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Tyrone J. Taylor
Tyrone J. Taylor, Enrolled Agent
Category: Tax
Satisfied Customers: 52
Experience:  Owner at Taylor Tax and Financial Consulting
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I have a small daycare business with 3 employees. I have failed

Customer Question

I have a small daycare business with 3 employees. I have failed to file payroll taxes for 2.5 years. I want to rectify this, and make payments and become legitimate, but I am afraid of the amount owed, and that I will loose my home, business, everything. Do you think I can pay in monthly installments?
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Submitted: 8 months ago.
Category: Tax
Expert:  Tyrone J. Taylor replied 8 months ago.
Good afternoon, I am an Enrolled Agent with 9 years of professioanl tax experience. The IRS has a special installment program for late payroll tax filers. It is called the In-Business-Trust-Fund-Express-Installment-Agreement. It allows you to pay the balance over a 24 month period.Here is a link to the program and how to apply for it: https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/In-Business-Trust-Fund-Express-Installment-Agreement I always like to emphasize to my client that the payroll tax payment should come first due to a heavy, quick penalty (10% after 16 days late, plus interest) and the fact they can be personally liable for this tax, even if it is a corporation, or the business closes. So, be sure to file this on time from this point forward.I hope this is the answer you are looking for. Please let me know if you need clarification of anything. If not, thank you and please go ahead and rate my answer. Have a good day.
Expert:  Tyrone J. Taylor replied 8 months ago.
Good morning,I am checking to see if you needed any clarification for my answer. If your question has been answered, please go ahead and rate my answer so your question can be closed out. Thank you.