The IRS provides statistics that underscore the importance of payroll professionals to the integrity of the tax system. Internal Revenue Service Data Book, 2016, 3-30-17; detailed information on this and other IRS statistics can be found at https://www.irs.gov/pub/irs-soi/16databk.pdf
This source reports that of the $3.33 trillion that was paid into the Treasury for 2016, $2.28 trillion was transmitted by employers for employment taxes. This represents 68.5% of all federal reserve funds.
Compliance related to employment tax requirements continue to be a problem area. The IRS assessed 5.9 million civil penalties amounting to over $6 billion additional dollars for employer payroll tax issues.
Source: APA; April 7, 2017 • Volume # 25 • Issue # 4
AHEAD Human Resources’ experts handle everything from managing employee overtime, federal-state-local taxes, garnishments and other tasks related to payroll administration. Get back to focusing on your business and spending less time buried in administrative paperwork by calling AHEAD HR, 888-749-1000.