Employees have filed their tax returns and have recieved money. Is he going to owe the IRS or are the employees. Is he going to jail, he is really freaking out? ? ?
2007-04-27 09:27:05 · 7 answers · asked by Chelsie M 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
Didn't deduct or didn't file his quarterly returns? Could be a mess for all concerned.
2007-04-27 09:34:13 · answer #1 · answered by Anonymous · 0⤊ 0⤋
He will owe IRS. He won't owe the employees... they got their full paychecks and didn't deduct the taxes ... how could they have recieved their tax returns did he give them a W2 and place an amount that he withheld and didnt actually withhold that money??? I am confused. When we owned a business ... my hubbie did the taxes, obviously I don't know much but I figure its common sense that he would owe IRS about the jail thing.... unless he did it delibarately, I would assume that he could make arrangements with IRS and that would be that.... Good Luck to your friend ... one word of caution.... don't mess with IRS.. they can be fiesty!
2007-04-27 09:34:08 · answer #2 · answered by livingadream 4 · 0⤊ 0⤋
Since you mention the IRS I'm assuming you're in the US, but I have no idea what you mean by deducting payments from "chex".
If he deducted payroll taxes from employees and didn't remit it to the IRS, he'd in major trouble, which will at a minimum mean significant penalties and could include jail time - the IRS gets really upset about people who do that, essentially stealing from their own employees.
If he should have deducted taxes and didn't, then he could be in some trouble but probably not major.
2007-04-27 10:17:49 · answer #3 · answered by Judy 7 · 0⤊ 1⤋
He should be freaking out -- crapping in his pants, really. The IRS takes an extremely dim view of employers who withhold taxes from their employees wages and fail to pay them in when due.
From what you say, your friend gave his employees W-2s that showed withheld taxes. If he failed to send the copies to the IRS and/or failed to pay the withheld taxes in when they were due the IRS will be knocking on his door very soon.
If the IRS doesn't have a matching copy of Form W-2 for the employees, they may contact them with a few questions but will almost certainly let them slide since they are innocent parties to your friend's (possibly crimminal) actions.
Your friend needs to get square with the IRS PRONTO!
2007-04-27 10:46:42 · answer #4 · answered by Bostonian In MO 7 · 2⤊ 0⤋
Thats tax fraud. That person better fix it before the IRS finds out, or a former employee reports him. Thats a federal offense and is a felony, tell him to fix it ASAP.
2007-04-27 09:30:13 · answer #5 · answered by Megan 2 · 1⤊ 0⤋
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2016-10-04 00:20:35 · answer #6 · answered by ? 4 · 0⤊ 0⤋
If he were my friend i would have him speak to an accountant and attorney.
2007-04-27 09:35:11 · answer #7 · answered by Rebecca 1 · 0⤊ 0⤋