Wednesday, November 12, 2014

I'm behind with my 941s! Help!!

Falling behind with 941 Employer Withholding Taxes can be scary. The IRS has lots of power to collect past due taxes particularly when it comes to 941 taxes.

The taxes associated with 941s are deemed to be "Trust Fund" Taxes. This means that a business is supposed to hold the taxes in Trust for the Federal Government. It also means that the IRS can pierce the corporate veil and hold the owners, officers, and check signers personally responsible for the taxes.

The "Trust Fund" portion of the 941 tax debt is made up of the employee's portion of Social Security and Medicare and the employee's withholding for Income Tax.  The Trust Fund does not include penalties and interest nor the employer's contribution to Social Security and Medicare.

An investigation needs to be conducted before the IRS can hold someone personally responsible for the Trust Fund portion of the 941 taxes. The IRS will look at anyone who has the authority to sign checks. They will ask for canceled checks and a copy of the bank signature card. They will also due an interview with anyone that has the authority to sign checks and any owner or officer. This interview is a person's chance to exonerate themselves from responsibility.

There are options in this situation. The Tax Attorneys and Enrolled Agents at Phoenix Financial Group can assist you in dealing with your 941 tax problems including how to get a favorable result when dealing with the Trust Fund. Don't compound your problems by not getting professional help. Call (888) 572-2179 for a free consultation or send an email to

The longer you wait the more likely the IRS is to proceed with enforced collection action like wage garnishments, bank levies, liens and seizures. PFGTAX can help you prevent these types of actions and get back on your feet.

941 taxes need to be paid by going to You will need to schedule a payment a day in advance. If you would rather have a payroll service, our client's get a discount with ADP.

(888) 572-1279 is the number to call for professional tax representation. Check us out on at the BBB where we have an A+ Rating.

Wednesday, November 5, 2014

PFGTAX has been calling my business. Can they help me?

PFGTAX is the web site for Phoenix Financial Group. PFGTAX helps businesses with their tax problems. Most of their client's owe the IRS 941 taxes or Employer's Quarterly Withholding Taxes.

941s are a quarterly tax return used to reconcile all of a business' employment taxes.  941's are paid either monthly or semi-weekly for the most part. Businesses with very small payrolls may be able to pay the tax when they file their returns. 941s should be paid using The payments are called Federal Tax Deposits or FTDs for short.

941s are a type of Trust Fund tax. The term Trust Fund is used as the business is supposed to hold an employee's withholding, Social Security, and Medicare in Trust for the Federal Government.

PFGTAX helps businesses that have fallen behind with their 941 taxes. PFGTAX can help you if you owe, 940 Unemployment Tax, 1120 Corporate Income Tax or 1040 Personal Income Tax as well.

How do they help?

The primary concern for every new client is to make sure that they are not subject to enforcement action by the IRS. Enforcement Action could be bank levies, accounts receivable levies, wage garnishments, liens, and ultimately seizure of assets. PFGTAX's tax professionals include Enrolled Agents (EAs) and tax attorneys. They know how to get a business or individual protected from enforcement action. They can get Appeals Officers, Managers and the Taxpayer Advocate involved if needed.

PFGTAX has a A+ rating with the Better Business Bureau.

The next step in resolving a client's case is to get them into compliance so they stop accruing new taxes.   We have contacts with ADP where our client's get a discount on payroll tax services. The IRS Revenue Officers like to see a business get a payroll service to help insure compliance.

Once a business is in compliance we submit a proposal to the IRS consistent with a business' ability to pay. It is not in anyone's interest to set a business up on an agreement that is too aggressive and bound to fail.

Once an agreement is reached. We can submit a penalty abatement request in an attempt to get any penalties that have accrued removed or reduced.

PFGTAX can be reached at (888) 572-2179 or PFGTAX's address is:

520 Zang St #211
Broomfield, CO 80021