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Feds: Record number of businesses ignore payroll taxes

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in Small Business Tax,Small Business Tax Deduction Strategies

The number of employers with substantial payroll tax debts has ballooned in the past decade. About 1.6 million businesses failed to send taxes to the IRS regarding employees’ wages and FICA taxes, and that totals about $58 billion in unpaid taxes, says a new U.S. Government Accountability Office study.

“At a time when our nation is drowning in debt, it’s appalling that delinquent businesses have cheated Uncle Sam,” Sen. Carl Levin, D-Mich., told The Washington Post.

Impact: Expect this new revelation to push the IRS to take a harder line on businesses that fail to pay payroll taxes.

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