Costly Mistakes: Failing to Remit Payroll Taxes And Plan Contributions

Like many businesses, you may be feeling the financial crunch these days and be tempted to use the money you deduct for taxes and retirement plan contributions from employees’ wages. Failing to remit payroll taxes and retirement plan contributions in a timely manner is not only a violation of an employer’s legal obligation, but it can also subject your company to heavy penalties. When employers deduct income and Social Security taxes from employees’ wages, the money is not theirs to use, even…

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