Payroll Tax Fines

Employee Reimbursement 101 – Minimizing taxable expenses and staying compliant with laws and regulations.

Keeping clients happy, vendors paid, and operations running smoothly is a tall task for any business — especially smaller organizations. For convenience’s’ sake, many employers find that allowing employees to pay certain expenses from their own pockets and reimbursing them later is a virtual necessity. However, business owners should be aware that this common practice does entail a bit of responsibility.
 Broadly speaking, there are three different ways of...

IRS Fine on Public School Illustrates Importance of Payroll

An ongoing public dispute regarding payroll tax fines appears to be coming to an end–but it hasn’t been pretty. In February, 2016, the Three Forks school district voted to pay roughly $37,000 in fines related to a routine audit that revealed errors in the school’s payroll reporting. This $37,000 actually represents a significant discount, as the original fine was nearly $50,000! Despite this generous “discount” that the school district...

Avoid Payroll Tax Fines with Precise Payroll

Every person, business, and organization has its priorities–and this is even true of the IRS! One tax that is of special interest (even to that “dreaded” government agency responsible for carrying out tax laws) is the payroll tax. Businesses that fail to turn over the correct amount–no matter what the excuse–face especially harsh fines and regulations. Don’t believe it? According to Bloomberg Business, the IRS handed down 6.8 million...