Steering Clear of Severe Payroll Tax Penalties

Failure to withhold the right amount of taxes from employee paychecks — and submit those taxes to the federal government on time — can lead to being hit with the Trust Fund Recovery Penalty, also known as the 100% penalty. The penalty applies to both Social Security and income tax withholdings. OMA Connections Partner Clark Schaefer Hackett has analyzed the consequences and provided tips to ensure compliance. 11/6/2019