Sunday, August 26, 2012

Who is responsible for payroll taxes? ? Business Management ...

Q. We just found out that our employer didn?t pay its payroll taxes for two years. Am I in trouble with the IRS? D.A., Houston

A. Probably not, if payroll taxes have been properly withheld from your paychecks. The IRS will credit you for amounts that were withheld even though it hasn?t collected the full amount yet. However, the IRS must be paid eventually and will pursue the taxes from the responsible parties personally if the debt isn?t satisfied. ?

Tip: The IRS may try to collect from any employee who is responsible for a willful failure to pay the taxes, not just the business owners.

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