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Founders get bombarded with many corporate taxes they are often unfamiliar with. As a founder, it's not inconceivable to think all the proper taxes are being pa
by seancoleman 12y ago
Founders get bombarded with many corporate taxes they are often unfamiliar with. As a founder, it's not inconceivable to think all the proper taxes are being paid when one slips through the cracks.
- tptacek 12y agoThere are no excuses on payroll taxes. The tax authorities aren't fucking around about them.
- slantyyz 12y ago>> As a founder, it's not inconceivable to think all the proper taxes are being paid when one slips through the cracks. In any company, someone's responsible for the books (whether it's the CEO, some other employee, or an outsourced accountant), and you would think that the bank statements would be reconciled with the general ledger more than once a year. At the very least, it would have been done with each fiscal year end. That the unpaid payroll taxes weren't noticed for almost three years is mind boggling to me.
- endersshadow 12y agoThis just means that they were running their business off of their account balance on B of A's site. It's also known as "flying by the seat of your pants."
- forgottenpass 12y agoOK. But why are these founders so arrogant and pennypinching that they don't just contract or hire someone to do this for them?
- nyc_str8tsh00t 12y agoyeah, but if you google this company and see other articles about them, who their customers were, and how many people they had, it's pretty clear this was a lot mroe than just "slipping through the cracks". I'm sorry, but allowing a company to grow to that point without even the most basic handle on the books is gross negligence, not just incompetence.