In Feist,(14) for example, the taxpayer learned about the delinquent
payroll taxes shortly before he sold the company and arranged to have the new owners pay the taxes.
A repetition of the last round of
payroll taxes might not be the best, or the only, way to go.
As the above discussions illustrate, there is a very real incentive for responsible persons to make sure trust fund
payroll taxes are paid.
In 2010, Congress enacted legislation, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 which reduced employee
payroll taxes and self-employment taxes by two percentage points.
located in Canton, Ohio, helps simplify employee management with online software applications for Payroll and Employee
Payroll Taxes.
In 2000, he collected $2 million in
payroll taxes on behalf of his clients, but failed to remit the money to the IRS.
Exclusive control is not required, and delegation of the authority to remit the
payroll taxes does not relieve someone of section 6672 liability.
Over a quarter of
payroll taxes are owed by businesses with more than 3 years (12 tax quarters) of unpaid
payroll taxes.
Meanwhile
payroll taxes have risen for working Americans who, because they pay little or no income tax, are ineligible for a range of tax breaks from the $1,O00-a-year child tax credit to the home mortgage interest deduction.
In 2018, when my daughter is 31, Social Security will start spending more in benefits each year than it takes in from
payroll taxes.
However,
payroll taxes will not cover the program's hospital costs this year, making it necessary to rely on interest earnings from Medicare's $256 billion trust fund.
That, in turn, will ultimately lead to cuts in promised benefits, increased Social Security taxes, transfers from general revenue or allowing individuals to invest their
payroll taxes individually.
