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Tax day reminder: Deposit your payroll taxes!

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Alice Gilman

by on
in Centerpiece,Office Management,Payroll Management

Company executives who are responsible persons may be on the hook for 100% of their company’s undeposited payroll taxes. That’s bad enough. But there are worse fates out there for execs and companies that don’t take their payroll tax liabilities as seriously as the IRS does. Two recent cases are illustrative.

Case No. 1: Burn this! A company that operated a fire-retardant business and its owner were repeat offenders. They failed to deposit payroll taxes for five years, failed to pay FUTA taxes for four years, failed to file Forms 941 and 940, ignored liens and levies and didn’t pay civil penalties. The tab: $3.5 million.

After the liens, levies and civil penalties didn’t coax the company and its owner back into compliance, the IRS sued, asking a federal trial court to issue a permanent injunction against the company and the owner. The court obliged. Court: The company doesn’t intend to become compliant with its...(register to read more)

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