Can Phoenix Financial Group help me with my 941 taxes? The following is a review of Phoenix Financial Group's 941 services.
Owing the IRS 941 taxes can be scary and it can threaten your business.
The IRS has the ability to levy your banks accounts, levy your accounts
receivable, file liens, seize your assets and assess you personally for
the Trust Fund portion of the tax debt. Phoenix Financial Group is a tax resolution firm that specializes in resolving business' 941 tax debts.
Our tax attorneys and enrolled agents are experts in protecting your
business' assets and bank accounts. We can get you the best resolution
possible. Phoenix Financial Group's phone number is (888) 572-2179.
If you own your own business and have employees, then you are required to make Federal Tax Deposits to pay for your employees withholding, Social Security and Medicare. These deposits are typically due monthly or (as the IRS calls it) semi-weekly depending on the size of your payroll. Semi-weekly does not mean twice a week as you might think. It means that you have several days after you pay your employees to make your Federal Tax Deposit. How many days you have depends on which day of the week you issued pay checks to your employees. Check IRS Circular E for details. (Some taxpayers with small payrolls can actually pay their tax quarterly with their 941 return. Most taxpayers do not fall into this category).
To make a Federal Tax Deposit you need to go to EFTPS or Electronic Funds Tax Payment System. You will need to create a log in and password. It is relatively user friendly. Common mistakes include choosing the wrong tax type or wrong tax period. So double check.
So what happens when you can't afford or forget to make a Federal Tax Deposit. That's when you end up owing the IRS back 941 Withholding Taxes. Form 941 is a business' quarterly withholding tax return. It is due one month after the end of each quarter. For example, the 1st quarter runs from January to March, the 1st quarter return is due on April 30.
Phoenix Financial Group can help you with Installment Agreements, Offers in Compromise, Levy Release, Asset Protection, Penalty Abatement and more. Ask to see our extensive reference list to hear first hand how Phoenix Financial Group has others just like you.
For more information about Phoenix Financial Group, click here.
Here is a blog about Phoenix Financial Group.
