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I was in a financial bind and failed to report employee

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I was in a...

I was in a financial bind and failed to report employee withholdings for all of 2017. I recently reported the year through my payroll service and my current outstanding balance in $21,000. I don't have the money but I am in the process of securing some funds that would allow me to make a partial payment. Where does this leave me and what are best next steps?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

This would include employee tax and payroll tax.

Submitted: 4 months ago.Category: Tax
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Customer reply replied 4 months ago
Standing by
Answered in 22 minutes by:
3/21/2018
Tax Professional: Barbara, Enrolled Agent replied 4 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,405
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Your next best steps are to pay as much as you can and request a payment plan from the IRS.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 4 months ago
Will this resolve the near term pressure and possibilities of prosecution?
Customer reply replied 4 months ago
Let's stay on chat for now, however, is this something that you can service? If so can I contact you directly next week once I have some resources? Also, can help me with Small Business Chapter 7 bankruptcy?
Tax Professional: Barbara, Enrolled Agent replied 4 months ago

The offer of a phone call is system generated. You can ignore it.

Definitely.

Non-payment of payroll taxes is a "hot button" for the IRS.

It is always best to be proactive with the IRS rather than waiting for them to initiate action.

I would contact the IRS and tell them that you will be paying a certain amount by whatever day you will receive the funds and request a payment plan.

I am not an attorney so I cannot assist you with bankruptcy.

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Customer reply replied 4 months ago
Thanks you for your time
Tax Professional: Barbara, Enrolled Agent replied 4 months ago

My pleasure.

My goal is to provide you with excellent service. Please take a moment to rate my answer with a 5-star rating to let me know that I have achieved my goal.

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Customer reply replied 4 months ago
I will do that
Tax Professional: Barbara, Enrolled Agent replied 4 months ago

Thank you.

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