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As an employer, you have to pay employment taxes if you have employees. Failure to pay and the IRS will clobber you.

Penalties

In case you have staff, you must deduct and withhold numerous taxes from the paychecks of your employees. Since you are deducting money from the worker’s paycheck, you're handling their funds. This aspect is very important to the IRS and it places nice emphasis on any failure to deposit employment taxes.

In case you fail to pay employment taxes, you will be subject to a 100% penalty. The penalty is assessed against the particular person chargeable for paying the taxes, not the entity. The person can be the owner, company officer or other “responsible person.” In short, an enterprise entity will not be going to protect you from the wrath of the IRS.

Late Payments

What happens should you make a late payment for employment taxes?

Late cost penalties range in quantity relying on the delay. If the delay is less than six days, the penalty is two percent. Delay for six to fifteen days and you are looking at 5 percent. More than 15 days in delay is going to push the penalty to 15 percent. For those who delay this lengthy, the IRS might be peppering you with penalty notices telling you the place you stand.

In Closing

No matter you do, be sure you deposit employment taxes with the IRS in a timely fashion. Take a second to think about the worst factor you could have ever heard carried out by the IRS. If you fail to pay employment taxes, the actions taken by the IRS will likely be ten times worse and you will be the one telling horror stories.

Tea

Monday, 28 March 2011

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