Having Trouble Staying Current With Payroll Taxes?Mark Fearon
February 17, 2009 — 1,524 views
Do you process your own payroll? If so, do you ever find it challenging to stay current on the filing and payment of your payroll taxes? If so, you are not alone. The Government Accountability Office recently estimated that 1.6 million businesses are behind on paying their payroll taxes. It estimates that, collectively, these businesses owe approximately $58 billion in payroll taxes.
Falling behind with your payroll taxes is never good. The penalties and interest charged by the various tax authorities are often exorbitant, making it difficult to catch up if you get too far behind. As we endure these tough economic times, you may find yourself in a cash flow crunch trying to decide which bills you can delay paying. We encourage you to try to prioritize paying your payroll taxes. If you find yourself in a position where you aren't able to pay your payroll taxes, it is still very important to file your payroll tax returns timely in order to avoid the "failure to file" penalties.
Did you know that Rea & Associates prepares payrolls for hundreds of businesses? When we prepare your payroll, we can also handle the filing and payment of your payroll taxes. By handling all of your payroll and related responsibilities for you, we make it easier for you to stay current with your filings and payments. This means you are less likely to become one of the 1.6 million businesses that are behind on their payroll taxes. We offer a variety of payroll services at a competitive price, so give us a call if you would like to know how we could make your life easier, giving you more time to focus on managing your business.
Rea & Associates, Inc.