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Iowa Businessman Owes Over $30 Million In Taxes

October 5th

No one particularly likes dealing with the IRS, but the fact is that there are some of us who are considerably better at it than others or, rather, there are some of us who are more honest regarding our tax debt than others.

How Taxes Pile Up

Just recently, an Iowa businessman was accused of withholding over $30 million in tax debt over the course of his business career. The businessman in question works with several different companies, and the accusations fall over failing to pay federal employment and unemployment taxes that were associated with the payroll of his workers.

Of coarse, now the businessman in question is in court while he and the IRS await arbitration from the courts. As of yet there are no projected outcomes of the case, but no matter where the arbitration ends, it’s likely that the aftermath will be messy for all involved.

Keep in mind that, in the event that you own a business and are responsible for paying employees’ salaries, you need to withhold a certain amount of taxes to cover federal regulations. In recent years, the IRS is getting more and more stringent when it comes to evaluating the business practices of small businesses, in particular. So no matter how big or small your businesses is, it’s important to keep track of tax debt. Failure to do so can result in costly legal situations and allegations involving an incredible amount of cash. Avoid this by being honest on your taxes the first time around!

 
 
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