What to Expect in an Executive Compensation Audit

Income tax withholding is crucial to the general revenues of our federal government, but it turns out that employers have trouble complying with the rules, according to two payroll tax consultants speaking at the American Payroll Association’s 2021 Virtual Congress on July 15.

More than 70% of all the revenue collected by the federal government comes from income tax withholding, said Ken Fitzgerald, a tax manager at Deloitte Tax LLP.

Around 20 years ago, the Internal Revenue Service figured out that employment tax audits were more lucrative than corporate tax audits in closing the tax gap, said Jason Russell, a ...