Business Back Taxes in Plantation, FL — Payroll, Trust Fund Penalties & Compliance

Plantation business owners behind on payroll or corporate taxes face higher IRS enforcement risks. This guide explains how payroll tax debts, Trust Fund Recovery Penalties, and unfiled corporate returns are resolved—with QuickBooks or Xero cleanup, transcript review, and structured IRS negotiations.

Business facing IRS pressure?

We reconcile payroll, file missing 941/940 or corporate returns, and defend against Trust Fund assessments for Plantation, FL businesses.

Back Taxes Pillar Page
How to File Back Taxes
IRS Enforcement
Self-Employed Back Taxes
Schedule a Consultation

Polaris Tax & Accounting • Phone: 704-947-3178

Table of Contents

1) Scope: Payroll vs. Income Back Taxes for Businesses

Back taxes for businesses generally fall into two categories:

  • Payroll Taxes: Employee withholding, Social Security, Medicare, FUTA. High enforcement priority.
  • Corporate/Partnership Taxes: Income tax filings (1120, 1120-S, 1065). Missed filings block K-1s and create mismatch issues.

2) Payroll Taxes: 941, 940, and Trust Fund Penalties

Unpaid payroll taxes trigger the Trust Fund Recovery Penalty (TFRP), making owners personally liable. The IRS aggressively pursues these in Plantation and Broward County.

  • Form 941: Quarterly federal withholding deposits and filings.
  • Form 940: Federal unemployment taxes.
  • Trust Fund Recovery Penalty: Applied to “responsible persons” who willfully failed to collect/remit.
Warning: TFRP assessments are personal—your individual assets are at risk even if the company closes.

3) Corporate Income Tax Filings

Corporations and partnerships must file even when no tax is due. Back returns affect shareholder/partner reporting and IRS matching systems.

  • 1120: C-Corporations. Late filing = penalties even if loss years.
  • 1120-S: S-Corporations. Missed returns block shareholder basis tracking.
  • 1065: Partnerships. Pass-through reporting requires partner-level compliance.

4) QuickBooks/Xero Cleanup for Businesses

Businesses often need multi-year cleanup before filing. We handle:

  • Payroll reconciliations: W-2/W-3 tie-outs, 941/940 adjustments.
  • Bank/credit card reconciliations across multiple accounts.
  • Inventory & COGS recalculations.
  • Fixed asset schedules for depreciation and §179.

5) Resolution: Installment Agreements, OIC, and CNC

Options for Plantation businesses depend on verified ability to pay:

Resolution Best For Key Requirement Pros Cons
Installment Agreement Stable revenue, need time All returns filed; current deposits made Stops enforcement; predictable payments Interest/penalties continue
Offer in Compromise Low equity + limited cash flow Detailed financials; business still operating Settle for less High scrutiny; compliance strict
CNC (Currently Not Collectible) Business at risk of closure Proof of hardship; updated books Collections pause Interest accrues; periodic reviews

6) Owner Liability for Payroll Debts

The IRS interviews officers and bookkeepers to assess TFRP liability. Even if your Plantation business closes, the IRS can pursue you individually for trust fund portions of payroll taxes.

Business back taxes don’t fix themselves.

We clean ledgers, file payroll/corporate returns, and protect owners from TFRP exposure with defense strategies.

Back Taxes Pillar Page
IRS Enforcement
Schedule a Consultation

FAQ: Business Back Taxes in Plantation, FL

Can the IRS shut down my business for payroll taxes?

Yes. The IRS can levy accounts, seize assets, and assess TFRP personally if payroll taxes aren’t paid.

Do I need to file corporate returns if the company had no income?

Yes. Late filing penalties apply even for zero or loss years. Filing keeps IRS records clean and partners/shareholders compliant.

Can QuickBooks or Xero cleanup really change outcomes?

Absolutely. Clean books reduce overstated balances, support deductions, and improve your negotiation position.

Am I personally liable for payroll debts?

Yes, if assessed under TFRP. Even dissolved corporations leave owners exposed for unpaid trust fund taxes.

What’s the fastest way to stop IRS collection on a business?

File missing returns immediately, then negotiate IA, OIC, or CNC while bringing deposits current.

Helpful Articles & Internal Resources

Disclaimer: This article is educational and not legal or tax advice. Polaris provides advisory services, not CPA audits or reviews. Always consult a qualified professional about your specific facts.

© Polaris Tax & Accounting. Enrolled Agent representation available nationwide.