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What happened when you forget to pay for 941 employees

What happened when you...

What happened when you forget to pay for 941 employees taxes? Am I going to lose my business or do I go to prison?

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

Wisconsin

Lawyer's Assistant: Has anything been filed or reported?

I did file years ago. I forgot the last 5 years. But, I paid prior, when they sent me a notice. Also, I do have State, Unemployment, workman comp and everything else paid for

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No that is all it

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Customer reply replied 5 months ago
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Answered in 1 hour by:
3/7/2018
Attorney Wendy
Attorney Wendy, Attorney
Category: Business Law
Satisfied Customers: 1,382
Experience: Member at Keefer & Keefer LLC
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Hello my name is Wendy. I have been an attorney for approximately 20 years. When you say that you paid unemployment, workers' compensation and everything else, I just want to be clear what taxes were not paid. Are we speaking of withholding taxes on income? State or Federal or both? Some other tax?

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Customer reply replied 5 months ago
I paid all State Taxes, Workman Comp. ,Unemployment and the first 4 year of Federal 941.
The last 5 years I forgot to pay 941 Federal Employee Tax
Customer reply replied 5 months ago
With Holding
Customer reply replied 5 months ago
Hi Wendy,I did pay all the other taxes. Like State, Workman's Comp, Unemployment, and the first 4 years of the 941 Federal Employee Income Tax.I forgot to do the last 5 years and the IRS people came to visit me.

The key when dealing with tax issues of this sort is twofold: (1) be honest and (2) consider retaining either an attorney or a tax debt reconciliation firm. The IRS does have the ability to impose criminal and civil sanctions. That said, the agency also regularly negotiates settlements of back taxes owed. Given the complexity of tax issues and accounting, particularly going back several years, I would strongly advise getting professional help to guide you through the process with the IRS. Keep in mind that the goal of the IRS is to collect the amounts owed, which will likely include penalties and interest. Some of the penalties are only for "willful" violations - which in short terms is close to on purpose - though willful can be hard to define. It is unlikely any criminal penalties would be sought for a first violation and even if not a first violation, the key is to try to arrange to make payment for what is owed, as that is the IRS' primary goal and purpose. It would be worthwhile to have whoever you get to assist in this matter calculate what is owed, the likely interest penalty (which I believe can go to about 15%), plus the Trust Fund Penalty (which can be higher) just so you know what your total financial liability is and can be in a position to propose a settlement payment plan.

I hope this helps. If you need more assistance, please reply to this email. If I answered your question and provided excellent service, I would greatly appreciate your 5 star rating at this time.

​Please note: This is for informational and educational purposes only and is not legal advice. There is no course of action proposed and no attorney-client relationship or privilege has been formed as a result of this conversation.

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Customer reply replied 5 months ago
Wendy,
So will they close the business down because I forgot to pay the Federal 941's?

That is not a normal course of action. The real issue or concern is with coming to some payment terms that satisfies the IRS and also provides you sufficient funds to keep the business operational. I certainly don't know exactly the approach that will be taken in your case, but with a majority of IRS issues the key is to try to come to a resolution quickly and one with which you can actually comply.

Attorney Wendy
Attorney Wendy, Attorney
Category: Business Law
Satisfied Customers: 1,382
Experience: Member at Keefer & Keefer LLC
Verified
Attorney Wendy and 87 other Business Law Specialists are ready to help you
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Customer reply replied 5 months ago
Wendy,Thank you so much.

Best of luck and I hope you are able to resolve this quickly.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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