Figures from 2010 show that 83 percent of personal tax liability convictions forced the offender to serve jail time, and the average sentence was two years. It is also important to note that these figures were all-time highs, which suggests the IRS is becoming even more focused on preventing tax fraud.
As payroll taxes comprise approximately 35 percent of the tax the IRS collects annually, don’t expect it to show any mercy to those who try to avoid paying their taxes. Unfortunately, coming to the IRS cap in hand and begging for leniency because your business is struggling will cut no ice. If you find that paying employment taxes is a bit too complicated for you to handle, get in touch with a reputable tax professional today, because it is not worth taking the risk of attempting to withhold your employees’ withholdings!
If you in need of assistance with your Arizona corporation business taxes, please contact Singer Tax & Accounting, PC and have the peace of mind knowing your taxes were properly filed by a professional Arizona business tax accountant.