Where Form 2350 Unpaid 2023-2024

Hi, I'm Vernon, a gamer and tax expert. Today, I'm here to talk to you about unpaid employment taxes. If you own a corporation, are an officer of a corporation, or an employee of a corporation, it is important to address any unpaid employment taxes. Unemployment taxes are the funds that are withheld from your employees' paychecks every pay period. It is your responsibility to turn these funds over to the IRS on a regular basis, depending on the frequency of your federal tax deposits. If you find yourself in a situation where your company has unpaid taxes, the IRS may assign a revenue officer to investigate and determine who is responsible for not paying the taxes. The IRS takes these trust fund taxes very seriously and is determined to collect them. When you pay an employee, approximately 15 cents of every fictitious $1.00 goes towards Social Security and Medicare taxes. These taxes are considered trust fund taxes and must be held in trust for the employee and paid to the IRS. As an employer, you are also required to match these taxes. If these taxes go unpaid for a significant amount of time, a trust fund tax can accumulate to a substantial amount, such as $100,000, $200,000, or even more. The revenue officer will provide you with a document that breaks down each quarter's trust fund tax and will request that you pay it off or set up a payment plan. During an investigation, the IRS will determine who was responsible for paying the taxes, such as the payroll clerk or the boss who signed the payroll checks. They will also assess whether the non-payment was willful. If it is determined that you willfully chose not to pay the taxes, the debt can become your personal tax debt, even if it was originally a...