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Importance of Payroll Tax Compliance
If you are a broker or realtor that has employees, or if you handle the payroll tax compliance for your employer, it is most important that you understand your potential tax liability.
The IRS is most concerned about employer payroll compliance as payroll taxes withheld by employers account for nearly 72 percent of all revenues collected by the IRS. Accordingly, noncompliance and cheating in this area is one of the biggest problems for the nation’s tax system. Between March 25 and April 5, IRS revenue officers visited nearly 100 businesses around the country suspected of having serious issues with employment tax compliance. Business owners were informed about ways to catch up with back payroll taxes, how to stay current and the potential for civil and criminal penalties.
"Payroll taxes form a key part of our tax system," said IRS Commissioner Chuck Rettig. "When individuals and businesses evade their employment tax obligations, it not only undermines our tax system, it also creates an unfair situation for people who are following the law. The IRS is committed to compliance in the payroll tax arena, which helps ensure fairness and faith in our tax system."
"Enforcement is never our first resort, but protecting this significant source ... more

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