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DO YOU KNOW WHERE YOUR PAYROLL TAXES ARE?
April 01, 2008
One of the worst nightmares a small business can face is to learn that the payroll service has lost the money given them to pay the payroll taxes. In 2006, this nightmare became all too real for customers of Total Time Solutions, or TTS, a New York payroll tax service. The IRS and the states will still want the money, and they don't take "the payroll service stole it" as a good answer.
Even if you use a payroll provider for your employment taxes, it's wise to join EFTPS, the IRS Electronic Federal Tax Payment System. As an IRS press release notes:
EFTPS will display all EFTPS payments made by Internet, phone or third party within the last 16 months paid under your business’ employer identification number. You will be able to confirm that the funds you turned over to your payroll service provider for employment tax deposits were credited to your account.
When it comes to payroll tax services, trust, but verify.
Link: How to enroll in EFTPS via the Internet
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The items included in the Tax Update Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation.
Joe Kristan writes the Tax Update items, and any opinions expressed or implied are not neccesarily shared by anyone else at Roth & Company, P.C. Address questions or comments on Tax Updates to
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