Business Ownership, Employees, Human Resources

IRS 2016 Payroll Penalty Stats

The IRS provides statistics that underscore the importance of payroll professionals to the integrity of the tax system.  Internal Revenue Service Data Book, 2016, 3-30-17; detailed information on this and other IRS statistics can be found at https://www.irs.gov/pub/irs-soi/16databk.pdf

This source reports that of the $3.33 trillion that was paid into the Treasury for 2016, $2.28 trillion was transmitted by employers for employment taxes.  This represents 68.5% of all federal  reserve funds.

Compliance related to employment tax requirements continue to be a problem area.  The IRS assessed 5.9 million civil penalties amounting to over $6 billion additional dollars for employer payroll tax issues.

Source:  APA; April 7, 2017 • Volume # 25 • Issue # 4

 

AHEAD Human Resources’ experts handle everything from managing employee overtime, federal-state-local taxes, garnishments and other tasks related to payroll administration. Get back to focusing on your business and spending less time buried in administrative paperwork by calling AHEAD HR, 888-749-1000.