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As an employer, you should pay employment taxes if you've employees. Don't pay and the IRS will rain all over your parade.

Charges

If you've employees, you withhold and certainly must deduct different taxes from the salaries of one's employees. You are managing their funds, since you're deducting money from the personnel salary. This simple truth is very important to the IRS and it places great emphasis on any failure to deposit employment taxes.

If you fail to pay employment taxes, you will be at the mercy of a completely penalty. Yes, 100 %. Known as the trust fund recovery penalty, the penalty is considered against the person responsible for paying the taxes, not the thing. The person could possibly be the owner, corporate officer or other responsible person. In short, a company entity is not going to defend you from the wrath of the IRS.

Late Obligations

Cash flow crunches are an inevitable function for almost every company. So, what happens in the event that you make a late fee for employment taxes. Until you can show a reasonable reason for the delay, the IRS will probably penalize you.

Late payment penalties range in amount with regards to the delay. The punishment is two %, if the delay is significantly less than six days. Delay for six to 15 days and you are considering five %. Significantly more than 15 times in wait is going to push the penalty to 15 percent. If you delay this long, the IRS is likely to be peppering you with fee notices telling you where you stand.

To Summarize

Whatever you do, ensure you deposit work taxes with the IRS in a timely manner. Set aside a second to consider the worst thing you have ever heard done by the IRS. What taken by the IRS will be ten times worse, if you don't pay employment taxes and you will be the one telling horror stories. how to get a job book