IRS recently admitted there are $58 billion in uncollected payroll taxes lurking in companies’ books. All those lost taxes are due to IRS’ inability to collect efficiently. Turns out, even after a company has proven to be a deliberate “deadbeat,” it can take IRS up to a year and a half before it decides to pursue active collections. Before that, companies are usually on the voluntary compliance program.

Most of the $58 billion is from companies that have failed to remit employment taxes for a year or more.

Chances are, your company’s not in that boat. But any time IRS starts to look at ways to bring in more tax dollars, we figure it can only lead to more headaches for Accounting down the road.

Tags: Back taxes, Employment Taxes, IRS, Penalties, Tax compliance