Bill May Recover Billions in Tax Dollars | AccountingWEB

Bill May Recover Billions in Tax Dollars

There are approximately 2 million business owners across the country who, over the years, have withheld payroll taxes from employees and then failed to turn the money over to the federal government. Many of these business owners are still conducting business and, more startling, many of them are doing business with the Federal government.

It is estimated that nearly $240 billion is owed the government in withheld but unpaid payroll taxes.

The “Debt Payment Incentive Act of 2000” is a bill that is designed to prevent businesses with outstanding payroll tax liabilities from receiving federal loans and contracts, as well as loan guarantees for education, housing and small business development.

The bill was passed by the House Government Reform Committee last week and is expected, if made into law, to recover billions of dollars for the federal government.

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