Posts in Accounting
Who is responsible for your company's payroll tax liabilities?

Any business that has employees is responsible for collecting and paying payroll tax. The most common liabilities are federal income tax, state income tax, Social Security, and Medicare. The percentage of payroll tax will vary from state to state. For example, residents of the state of Florida (as well as several others in the country) don't pay income tax which lowers the overall payroll tax liability compared to other states.

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Can your IRS debts expire?

Recently details have resurfaced about a 1989 IRS employee manual update which stipulates that in the event of a nuclear attack, the IRS will continue to collect taxes as usual within 30 days. Most people sharing this information are doing so in jest, but it reminds us all of the IRS' seemingly unstoppable pursuit of funds owed to them. The interesting thing about this information bout the IRS coming to light is that there are, in fact, limits to their ability to collect funds from taxpayers.

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