New Option For Catching Up on Payroll Taxes
If your small business owes delinquent payroll taxes, you now have a new option.
You can apply for an In-Business Trust Fund Express Installment Agreementif you owe $25,000 or less in payroll taxes. This installment plan allows you pay the debt over 24 months without having to give financial information to the IRS. Firms owing between $10,000 to $25,000 in payroll taxes must let the IRS debit their bank account monthly.
Businesses who owe more than $25,000 must pay down to below this amount and then apply. While the agreement is in place, all required tax returns must be filed and firms must remain compliant with their payroll tax obligations. To apply, call (800) 829-4933 or the number listed on your tax bill.