Reply #110: taxes

[Princess Turandot]

I agree that it's a ill-conceived idea to not remit payroll taxes, not the least of which is that officers & directors of a company can be held personally liable were the company to go out of business with the taxes outstanding! The return does say that the taxes were paid the next fiscal year; I assume that they have been or will be assessed interest and penalties. Given the amount of cash on hand, my assumption is that the delay was due to bad business practices rather than anything more devious, but who knows.

Some of the other wage related stuff that is state controlled can be subject to a variety of practices, that likely vary by state. In NYS, you can self-insure for workers' compensation, and unemployment insurance can be pay as you go.