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Avoid payroll tax snafus

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in Small Business Tax,Small Business Tax Deduction Strategies

Effective Nov. 19, outside payroll firms must de­­posit all employment taxes electronically, regard­­less of the size of the employer. (IRS Reve­­nue Procedure 2012-32)

Remin­der: The IRS can hold you personally liable for un­­paid taxes even if you’ve designated an agent for your small business. Make sure that the payroll firm has posted a fiduciary bond and instruct the IRS to send all correspondence directly to you.

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