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Tags: QuickBooks Bookkeeping, Sarasota CPA, Sarasota Payroll Setup, Tax Planning

When you own and operate a business, you must exercise vigilant oversight, including watching over your payroll taxes.

Here’s an example of why

Rodney Taylor entrusted his corporation’s accounting and bookkeeping to Robert Gard, CPA. Over several years, Mr. Gard embezzled between $1 million and $2 million, including payroll taxes.

Despite Mr. Gard’s wrongdoing, the ultimate responsibility to settle the payroll taxes with the IRS fell on Mr. Taylor as the business owner and “a responsible party” under tax law.

The Taylor case highlights a crucial lesson: while delegation of duties is a part of business, you cannot transfer your responsibility for compliance with the tax laws.

Here are two proactive steps to protect your business:

Direct oversight

Ensure payroll reports are delivered directly to you, allowing you, a responsible party, the first review.

Regular verification

Periodically check the IRS electronic federal tax payment system (EFTPS) to confirm that the IRS received payment for the payroll taxes.

By implementing these two simple measures, you significantly mitigate the risk of embezzlement and maintain compliance with tax obligations while safeguarding your financial interests and those of your company.

How We Can Help

Sterling Tax and Accounting knows all too well the headache that bookkeeping can create for a business. As a business owner, you have enough to focus on. Let Sterling Tax and Accounting help!

Bookkeeping, payroll processing and tax filings are complicated and time-consuming. Our team will provide the support and guidance you need to make informed business decisions, while also reducing back office costs and adding value to your growing business.

We’re a trusted CPA Firm in Sarasota, Florida. We serve clients all over the US, and help them streamline their QuickBooks bookkeeping. Put Sterling Tax & Accounting and our bookkeeping service to the test, you’ll be glad you did.

From monthly financial reports, to reconciliations, and financial advice to support you along the way – our QuickBooks bookkeeping service is the perfect fit to make life easier.

Welcome to the Sterling Standard of business! Want to learn more? Let’s set up some time to chat with our QuickBooks bookkeeping team here: https://www.sterling.cpa/contact-us/

Learn how Sterling Tax & Accounting can add value to your business!

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