Do you know one of the most dangerous legal mistakes a business owner can make? Not paying payroll taxes on time. The slide toward that financial sin can be surprisingly fast, writes Paul Goodman, CPA, PFCI, in this month’s Floral Management.
“When cash is short and it’s time to pay your employees, you might have enough cash to give out the paychecks, but not enough to pay the payroll taxes,” he writes “So, you hold up on making the appropriate payroll deposit with all the good intentions of making it as soon as your cash loosens up.”
Spoiler alert: Sometimes, those good intentions don’t result in action. In this month’s Floral Management, Goodman tackles financial sins that can wreck your business. Read more.
