When a business owner gets a little short of cash, it may be tempting to borrow from payroll taxes. In more blunt terms, you steal the payroll taxes, intending to pay them back later.
This is one mighty big mistake. Don’t ever make it!
First, there is the penalty. As the owner, you are required by law to collect payroll taxes and pay them to the government. Your willful failure triggers, in addition to other penalties provided by law, a penalty ... Log in to view full article.