Late on Payroll taxes?

I have a S-corporation with 5 employees. We ran into some hard times the past 6 months and we've gotten behind on making our payroll tax payments. Should we notifiy the IRS of our late payments and make some kind of arrangements with them or just wait until we have the money and make the payment all at once. What department at the IRS would we talk to. Are there any strategies for dealing with the IRS on something like this?

Late on Payroll taxes?the grand theater

Be sure to file all 941s, 940s or the 1120 on time whether or not you pay them on time! That way you avoid the Failure to File penalty. There are severe penalties for not paying timely however. Get current on your Federal Tax Deposits for Third Quarter ASAP. If you are current in this quarter, IRS will work with you on the back taxes. If you do not get current on the quarter you are in and go to IRS, they may take enforcement. Get current for August and make your September FTDS. Go to IRS and make a payment proposal on the back tax.

If you have unfiled returns, file them now whether you send a check or not. Depending on how much you owe and how old the debt is, your case might be able to be resolved by the local IRS "Walk-In" office or it may be with ACS (Automated Collection) or a field agent (Revenue Officer).

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Late on Payroll taxes?

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