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How to Settle Payroll Tax Debt With the IRS as a Business Owner
Episode Summary
In this episode, Attorney Brian Loughrin explains why falling behind on payroll taxes is one of the most serious tax issues a business can face. He breaks down what payroll tax debt really is, why the IRS takes it so seriously, and how quickly they act when payments go unpaid. Brian also covers the trust fund recovery penalty—how it can make business owners personally and even criminally liable—and outlines real solutions for resolving payroll tax debt before it leads to enforcement action.
Key Timestamps
00:00 – Understanding payroll tax debt and why it matters to the IRS
01:30 – Common reasons businesses fall behind on payroll taxes
03:30 – What the Trust Fund Recovery Penalty is and why it’s serious
05:00 – How fast the IRS acts on unpaid payroll taxes
07:00 – What happens when a revenue officer gets involved
09:00 – Resolution options for businesses facing payroll tax debt
11:00 – Why professional representation is critical
13:00 – First practical step for business owners with payroll tax issues
About the Show
The IRS Debt and Audit Podcast provides practical legal insights for business owners and self-employed professionals dealing with serious IRS tax issues. Hosted by Attorney Brian Loughrin, each episode helps listeners understand how to resolve tax debt, handle audits, and protect their businesses from IRS enforcement.
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By dennis2qEpisode Summary
In this episode, Attorney Brian Loughrin explains why falling behind on payroll taxes is one of the most serious tax issues a business can face. He breaks down what payroll tax debt really is, why the IRS takes it so seriously, and how quickly they act when payments go unpaid. Brian also covers the trust fund recovery penalty—how it can make business owners personally and even criminally liable—and outlines real solutions for resolving payroll tax debt before it leads to enforcement action.
Key Timestamps
00:00 – Understanding payroll tax debt and why it matters to the IRS
01:30 – Common reasons businesses fall behind on payroll taxes
03:30 – What the Trust Fund Recovery Penalty is and why it’s serious
05:00 – How fast the IRS acts on unpaid payroll taxes
07:00 – What happens when a revenue officer gets involved
09:00 – Resolution options for businesses facing payroll tax debt
11:00 – Why professional representation is critical
13:00 – First practical step for business owners with payroll tax issues
About the Show
The IRS Debt and Audit Podcast provides practical legal insights for business owners and self-employed professionals dealing with serious IRS tax issues. Hosted by Attorney Brian Loughrin, each episode helps listeners understand how to resolve tax debt, handle audits, and protect their businesses from IRS enforcement.