Do you process your own payroll? If so, do you ever find it challenging to stay current on the filing and payment of your payroll taxes? If so you are not alone. In 2008, the Government Accountability Office estimated that 1.6 million businesses are behind on paying their payroll taxes. It estimates that collectively, these businesses owe approximately $58 billion in payroll taxes. And, the recession may have made those delinquent tax numbers even worse.
Falling behind with your payroll taxes is never good. The penalties and interest charged by the various tax authorities are often exorbitant, making it difficult to catch up if you get too far behind. As we endure these tough economic times, you may find yourself in a cash flow crunch trying to decide which bills you can delay paying. I encourage you to try to prioritize paying your payroll taxes. If you find yourself in a position where you aren’t able to pay your payroll taxes, it is still very important to file your payroll tax returns timely in order to avoid the “failure to file” penalties.
Contact our Ohio Accounting Professionals
Did you know that the Rea & Associates payroll team prepares payrolls for hundreds of businesses? When we prepare your payroll we can also handle the filing and payment of your payroll taxes. By handling all of your payroll and related responsibilities for you, we make it easier for you to stay current with your filings and payments. This means you are less likely to become one of the 1.6 million businesses that are behind on their payroll taxes. Our payroll staff is part of our broader Ohio accounting services team, which can help you to improve your cash flow so that you don’t find yourself in a situation where you’re unable to pay your payroll taxes. Our accounting team provides payroll, bookkeeping and even full accounting services; so whether you’re looking for help improving your internal accounting system or to outsource your entire accounting function, Rea can help. Contact us today.