Struggling to Meet Business Costs? Don’t Neglect Payroll Taxes
by Joseph M. Donegan on November 14, 2012
Many of the nation's small businesses have been adversely impacted by the economic downturn. When revenues start falling, some small businesses seek out areas in which they can afford to cut costs. Suspending payroll tax payments to the Internal Revenue Service should never be one of them.
Under federal tax law, businesses are required to withhold payroll taxes from their employees' paychecks and match these amounts when they make payments to the IRS. When companies divert these payments, even temporarily, they violate tax laws and run the risk of attracting the attention of the IRS. When this occurs, it may not only be the business owners who are held accountable, but all persons who fall under the responsible and willful definition of neglecting payroll taxes.
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