Plenty of companies save themselves the-processing headache by outsourcing the function. But if you're unlucky enough to pick a dishonest bureau, you could get hit with a major tax headache. In a recent case, the IRS didn't show much sympathy to a client company whose were embezzled by the owner of a payroll service bureau; it fined the client for failing to deposit those taxes, which, of course, weren't deposited because they had been stolen.
The service bureau's owner defrauded the client company by preparing two 941 forms. The form for the client was accurate; the one filed with the IRS understated the client's tax liability. The difference was embezzled by the service bureau's owner. Total stolen: upwards of $1.2 million.
The service bureau owner eventually got 37 months in the federal pen and was ordered to pay $841,959 in restitution to the client. Missing from the list...(register to read more)
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