Quick Links: Return To Entrepreneur’s Resource Center

$100K Payroll Tax Due ‘Tomorrow’

Wrong. If a business’s payroll-tax liability reaches $100,000 or more on any day during a deposit period, that amount is due immediately the next day to the IRS, regardless of your payment schedule, explains Michael Giammalvo, a tax manager at Crowe, Chizek and Co., a public-accounting and consulting firm in South Bend, Ind.

For employers on a monthly schedule, hitting that $100,000 mark would automatically accelerate you to a semi-weekly schedule for the rest of the calendar year and for the following calendar year as well.

Although the rule is not new, it’s one that can easily be forgotten by small employers who handle payroll internally, Giammalvo adds.

For more information, see "Misuse of Withheld Tax Dollars" in the Premiere issue of The Edward Lowe Report.

Related Articles...
Misuse of 'Withheld' Tax Dollars More Dangerous Than You Think

Digital Library > Legal Issues and Taxes > Taxes “Misuse of ‘Withheld’ Tax Dollars More Dangerous Than You Think” The law empowers the Internal Revenue Service to act firmly and swiftly against companies that withhold income and Social Security taxes from employee paychecks and fail to pay those taxes on time to the IRS. The deadline for depositing such funds

Read More ...
Tax Tips

Refresher: Reduce your bill to Uncle Sam with a few refreshers from Mario Iezzoni.

Read More ...
How to Choose the Right Lawyer For You and Your Business

Believe it or not: Attorneys are vital to your success.

Read More ...