Tax compliance is critical to running a business, and understanding the implications of various tax liabilities is essential for business owners. One area that often generates confusion...
You must know by now that you most likely have pytrol taxes when you start running a business. It doesn’t come as a surprise that the internal revenue service has strengthened...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 03/31/2022
What is the trust fund penalty?The term "trust fund" has a varied meaning when applied to labor tax rather than asset management. This is the amount of payroll tax levied...
The IRS assesses penalties and interest on the employer's account when they fail to collect, report, and remit payroll taxes. You may be personally liable for failure to withhold...
Business owners must file their tax and send what is due to the IRS the same way individual taxpayers do it. Companies must pay taxes on their profit alongside withholding taxes from...
Posted by Tim Thompson CPA PLLC on 07/24/2020
Among your duties as a business is the necessity to gather, report, and pay payroll taxes as required by government and state laws. Peradventure you are a corporate officer or other...
Posted by John Pournaras Agency on 07/29/2019
Collecting, reporting, and paying payroll taxes are among the many responsibilities an employer has as required by federal and state laws. If you are a “responsible party”,...
Posted by YourIRSTaxAdvocate.com on 06/25/2019
Employers withhold the contributions on Social Security and Medicare from the paychecks of their employees. Sometimes, they also withhold earnings tax. These withholdings are known...