Business and Finance Forums

the letters from the state will son be arriving.

of course
payroll taxes are very, very serious since they are considered trust monies
you withheld monies from your employees which apparently you never paid and that is considered embezzlement
you also apparently did not file and pay your quarterlies on your employees and that is fraud as well
I am assuming a good portion of the $125000 is interest and penalties, but didn't you file your quarterly employee reports when you should?
if not get them done and find out what your actual liability is and you might be able to work with IRS to lessen the hit

Payroll taxes mean you have deducted from employees and have not yet transferred to the IRS.You need to worry about that why it has not been transferred yet.This is a serious matter actually.I suggest you to reconcile that how you owe so much