Leadership Development...
is the key to 21st. Century Success in business. Harness the power of your peers to help you develop your employees, managers & successors!
| D-I-Y Strategic Planning...
allows you to make strategic decisions about your company's direction every time - all with the help of your peers!
| You'll Make Better Decisions...
when your ideas are challenged and your assumptions tested, continually and strategically - by a caring group of your peers!
|
|
Failure To Pay Employment Taxes - Penalties
By Richard A. Chapo
As an employer, you must pay employment taxes if you have employees. Fail to pay and the IRS will rain all over your parade.
Penalties
If you have employees, you absolutely must deduct and withhold various taxes from the paychecks of your employees. Since you are deducting money from the employee’s paycheck, you are handling their funds. This fact is very important to the IRS and it places great emphasis on any failure to deposit employment taxes.
If you fail to pay employment taxes, you will be subject to a 100 percent penalty. Yes, 100 percent. Known as the “trust fund recovery penalty”, the penalty is assessed against the person responsible for paying the taxes, not the entity. The person can be the owner, corporate officer or other “responsible person.” In short, a business entity is not going to protect you from the wrath of the IRS.
Late Payments
Cash flow crunches are an inevitable event for practically every business. So, what happens if you make a
Our articles continue...
|
late payment for employment taxes. Unless you can show a reasonable reason for the delay, the IRS is going to penalize you. Late payment penalties range in amount depending on the delay. If the delay is less than six days, the penalty is two percent. Delay for six to 15 days and you are looking at five percent. More than 15 days in delay is going to push the penalty to 15 percent. If you delay this long, the IRS will be peppering you with penalty notices telling you where you stand. In Closing Whatever you do, make sure you deposit employment taxes with the IRS in a timely fashion. Take a moment to think about the worst thing you have ever heard done by the IRS. If you fail to pay employment taxes, the actions taken by the IRS will be ten times worse and you will be the one telling horror stories. Article Source: http://www.ArticleJoe.com Richard A. Chapo is with BusinessTaxRecovery.com - obtaining tax refund recovery for overpaid small business taxes. Visit BusinessTaxRecovery.com to read more business tax articles or our new tax credits page.
Here are some more estate planning articles...
Getting Help With Your Taxes
By Richard A. Chapo
Preparing your taxes can be incredibly stressful. In many cases, it just makes sense to get some help with them.Save Me From This Misery!When it comes time to file taxes, you can look Read more...
|
Tax Problems – Procrastinate At Your Peril
By Richard A. Chapo
If you are an American, you have to pay taxes. Sometimes it seems like you get it in the pants…err, bank account coming or going. If you get behind on your taxes, things can get a bit more stressed. Read more...
|
Year End Tax Savings For Cash Basis Taxpayers
By Jeanette Cates
2006-12-29 There are only a few days left in the year. So now is the time to take those last minute tax savings.Disclaimer: I am Read more...
|
Uk Resident Doctors And Dentists - 7 Tax Saving Tips For The Next 12 Months
By Ray Prince
2006-10-09 Copyright (c) 2006 Ray PrinceWell, here we are again.The start of a new tax year is upon us, bringing with it Read more...
|
| illinois estate tax news: |
Use the Rule of 72 to Estimate How Long it Takes Your Money to Double
Have you ever wondered how you can quickly estimate how fast your money or investments will grow? Sure, you can plug numbers into a financial calculator or software program to...Be Aware of the Warning Signs of Too Much Debt
Is paying off debt bogging you down and keeping you from reaching your financial goals? Using credit and can be a powerful tool that allows you to buy a home,...Save Money on Groceries With These Shopping Tips
With a weak economy, high gas prices, and increasing inflation, you're probably finding that your dollar doesn't go as far at the grocery store as it used to. Groceries and...Do You Have the Stock Market Blues? Use This Time to Educate Yourself
For the past year now, stock markets here and abroad have been going down. Things really got ugly in October, and many investors are faced with investment losses of 30%...Comparing the Different Types of Health Insurance Plans
It's open enrollment season for many employer benefits, and that means it's time to review and select your health care benefits. Are you confused by all of the health insurance...Make Sure You Have Adequate Homeowners Insurance
Your home is probably one of your greatest assets, so making sure it is properly protected is important. Like most forms of property insurance, it is a relatively simple concept....Changing Jobs? Don't Forget to Plan Ahead
Changing careers, or just finding a new job can be an exciting time, but it's also filled with a number of important decisions. What about insurance, your retirement plan, and...
|
Estate planning, a process invented by Charles Ives, is the process of accumulating and disposing of an estate to maximize the goals of the estate owner. ...
|
|
