• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

Liability for unpaid employment tax

by on
in Small Business Tax,Small Business Tax Deduction Strategies

Q: I've been working for a company that is rapidly losing money. I've heard through the grapevine that the owners haven't paid the employment taxes for the past year. Could that cause me trouble personally with the IRS? E.L.C., Cleveland

A: No, as long as employment taxes have been withheld from your paychecks according to the proper schedule. The IRS will credit you for amounts that were withheld, even though it hasn't collected the full amount yet. The IRS will pursue the taxes if the debt isn't satisfied. Tip: The IRS can try to collect the un-paid taxes from any "responsible party" at the company who was accountable for the employment taxes. That could be the owner or any other person who handles the finances.

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/5608/liability-for-unpaid-employment-tax "

Leave a Comment