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What are Payroll Tax Penalties?

A business that has employees is required by law to collect and remit those collected taxes to the IRS and to the State on behalf of all employees.  Failing to pay payroll taxes on time, could cause the IRS to impose high interest and penalties. You could face serious charges if you choose not to pay the penalties and interest.  Usually, most payroll taxes are due the day after an employee’s check has been disbursed.  But payroll remittance schedules do vary.  What is important to remember is that you must deposit payroll tax according to your agreed upon dates with the government.  If these payments are delayed then penalties and fees will start to add up.

There are a number of ways that payroll tax problems can occur; a long time trusted CPA or accountant fails to remit them, your payroll company failed to remit them, there was some internal employee charged with managing the remittance and they don’t, there were cash flow problems, or you were uneducated on the need to remit and simply didn’t.  Part of our process is to not only defend you in an audit, but subsequent education to avoid future non-compliance is part of what we do.  We don’t want you in trouble again.  We are here to help with the current problem and prevent future ones!

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