When it comes to payroll tax obligations, there are many filing requirements and strict responsibilities. As a Geneva business owner, you must make quarterly tax deposits to the IRS and complete a series of filings for all taxes withheld. Failure the properly account for payroll tax obligations is considered a serious violation. Geneva payroll taxes often create the biggest problems for small business owners.
The payroll tax money collected from employees to pay their share of federal withholding tax, FICA, and Medicare (Social Security) does not belong to the business and must be paid to the government. If you are behind on paying Geneva payroll taxes for your company, watch out! Not filing, paying late, or borrowing from payroll taxes is against the law.
Businesses are easy targets for the IRS and they are exceptionally persistent in pursuing this type of tax collection. They would rather seize your business, shut you down, and sell your assets at auction than allow you to continue amassing additional payroll tax liabilities.