payroll tax penalty Archives

Who is Responsible for the 100% Penalty?

Posted on November 5, 2019 by Andrew Litchford

One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time.

Employers: Beware of Personal Penalty for Late Payroll Tax Payments

Posted on June 4, 2019 by Andrew Litchford

If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a “responsible individual.”