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It’s easy to get buried by the paperwork involved with managing your personal finances. Luckily professional organizer Regina Leeds and Bookkeeping Express CEO Greg Jones have some simple advice on how long you need to save different types of paperwork.
Undeposited payroll taxes can pile up so quickly that the IRS has a name for them—pyramiding. It also has a very effective solution: personally charging a company’s responsible persons with 100% of the undeposited taxes. Relief: an express installment agreement.
NOTE: Saturdays, Sundays and legal holidays as observed in the District of Columbia are taken into account to determine due dates. Under the federal deposit rules, you’re allowed a deposit shortfall of the greater of $100 or 2% of your tax liability.