As New Jersey continues to face a challenging economic crisis and wealthy taxpayers abandon the state to avoid rising taxes, New Jersey business owners find themselves treading dangerous waters. From the big city streets of Newark to the casino-run boardwalks of Atlantic City, traditional avenues of revenue are drying up and profits are harder and harder to come by. As a result, when faced with a monetary crisis and lacking funds to cover the usual bills, business owners are choosing more and more to cut corners when it comes to paying their payroll taxes.
Payroll Taxes and the Trust Fund Recovery Penalty
By failing to cover the trust fund and ensure that the Internal Revenue Service receives the money it is owed, New Jersey business owners across the state are placing their futures in real jeopardy. If you own a small to medium-sized business in New Jersey and you are having payroll tax crisis, the Tax Resolution Institute can help you find the tax relief you need to save your business. We have helped multiple business clients in New Jersey that have been facing major problems with both the IRS and the New Jersey Department of Taxation.
Whether it was the owner of several gaming arcades in Atlantic City who had lost a fair sum when several of his video games were vandalized or a small catering business in Newark that saw its profits vanish almost overnight with the onset of the recession, the Tax Resolution Institute provided the tax relief needed to avoid the final closing of the doors. The Atlantic City Arcade Owner did not realize that the Trust Fund Recovery Penalty was a 100% Penalty when he decided to use his employee’s trust fund to cover repair costs.
Atlantic City Business Owner in Need of Payroll Tax Relief
The Atlantic City businessman figured his decision was justified because he was the victim of a criminal attack. However, as the largest collection agency in the world, the IRS does not care what happens to you beyond their jurisdiction. All they care about is being paid what they are owed. Luckily, the Atlantic City business owner came to TRI and his penalty was negotiated down to just the actual Trust Fund amount originally owed.
When the recession hit, the well-regarded Newark catering business that specializes in weddings saw its business evaporate overnight. Although a majority of its workers were part-time, it maintained a permanent staff and still was responsible for the Trust Fund payments for both the full-time and part-time workers. The Newark business owner chose to use the Trust Fund money to buy supplies that were needed for upcoming weddings. After the payments for the catering jobs, she believed the Trust Fund could be paid back in full.
The Payroll Tax Crisis of New Jersey Wedding Caterers in Newark
When two out of the three weddings fell through, the Newark catering company owner was caught holding the bag for both the supplies and the Trust Fund Recovery Penalty. Like the Atlantic City business owner, she called the Tax Resolution Institute, and we helped keep her business in business. If you are a business owner in New Jersey and you are experiencing a serious payroll tax problem, the Tax Resolution Institute is your positive answer for real tax relief.
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