Orange County tax attorneys know that the IRS is prioritizing the collection of unpaid employment taxes from businesses, regardless of size. Nobody is safe from IRS payroll tax audits as the federal government zeros in on randomly selected companies and individuals in order to take back what it is owed.
Earlier this year, the Internal Revenue Service began employment tax audits of approximately 6,000 U.S. companies to provide statistical data for the National Research Program study of employment tax compliance.
The IRS estimates that companies underpay employer taxes by $14 billion each year. The Internal Revenue Service is choosing 2,000 companies at random each year for the next three years and putting experienced agents on the audits in order to move ahead with their increasingly aggressive collection efforts for unpaid payroll taxes.
Companies that owe past due employment taxes need to know that the IRS has unyielding power and authority to seize and liquidate, as well as shut a business’ doors without a court order, intercept customer payments and assess staggering financial penalties.
The IRS is slated to select the second 2,000 employers at the end of 2010, so businesses can expect the number of IRS audits to continue to rise.
Source: PRWeb “Tax Help for the 6,000 Businesses Targeted by the IRS in Employment Tax Audits” August 19, 2010