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Microcap & Penny Stocks : FAMH - FIRAMADA Staffing Services
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To: Forest Gump who wrote (13043)4/20/1998 3:52:00 PM
From: Moonglow  Read Replies (2) of 27968
 
Forest,

I've been out with the horses all morning. I just checked. I DO have poop on my shoes!!! LOL!

The most important tax in the eyes of the IRS is the payroll tax. I don't know how many times I had this drummed into me during training.
It's the most important because the tax has been withheld from another person (the employee) and so once the payroll is made, it is no longer the employer's money, but is instead being held in trust for the employee. That's why IRS comes down so hard on employers who don't pay the payroll tax and why it's subject to a penalty of 100%.

Now here's where I'm making an assumption because I am ASSUMING that Myriad got into trouble with the IRS because of deliquent payroll taxes. That comprised about 99% of cases that I saw where companies were in hot water with the IRS.

You asked how closely would the IRS look at another company taking on the debt? I've never been involved with that type of transaction so I can't give you a SPECIFIC answer, but I can not stress enough the importance that the IRS places on a company being able to pay it's payroll taxes. Remember....it's not that company's money. It's money that the company has withheld from the employee.

And just knowing that, and knowing that the IRS let the merger go through tells me that IRS was convinced that FAMH would be able to meet it's payroll tax obligations.

Juanita
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