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FROM THE IRS, A BLESSING AND A CURSEThe Internal Revenue Service has good news and bad news for small-business owners. It's giving employers that paid more than $50,000 in federal employment taxes last year an extra six months' grace to switch to electronic filing. Now, penalties won't kick in until July 1, 1997. Smaller employers that paid more than $20,000 have until Jan. 1, 1999. The bad news? Those who don't pay employment taxes will be hounded by private collectors hired by the IRS for the first time ever. The $13 million program starts this month in 13 Western states and will expand if it succeeds. The five independent collection agencies can phone or mail all they want but may not approach the deadbeat in person. The faster they collect, the more they're paid. EDITED BY I. JEANNE DUGAN
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Updated June 20, 1997 by bwwebmaster
Copyright 1996, by The McGraw-Hill Companies Inc. All rights reserved.
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