more-arw search

Q&A Forum

How many of you out there, report to your board monthly that "all payroll taxes have been remitted".

I have seen that in another country and the board likes it as it provide some assurance that there exposure to personal liability is reduced


Victor Shah
Title: Account Manager
Company: FlowRocket, LLC
(Account Manager, FlowRocket, LLC) |

As you rightly said, it is about getting assurance that they are not exposed to any liability, specially personal liability.

Thus, what we do for our clients in bookkeeping is when we submit the Financial Statements on monthly basis, that should have detailed Analytical comments for most of the unusual account balances and a schedule to each balance sheet, And the detailed P&L and Balance Sheet would have the date of remittance for all such statutory payments will be mentioned.

These details will include remittance of Sales Tax, Payroll Tax, etc.

Let me know if this makes sense to you or not.

(Accountant) |

yes, but does anybody formally report this to their Board?

Victor Shah
Title: Account Manager
Company: FlowRocket, LLC
(Account Manager, FlowRocket, LLC) |

I haven't seen so far anyone reporting the remittance of payroll tax separately to the board.
In few of my clients, i have seen people having a submission every month for all statutory payments that will include payroll tax as well.

(Senior Controller) |

If you use an outside payroll service (i.e. ADP, Paychex, Paylocity, etc), they will send you a report every pay period stating that the State and Federal Payroll Tax are paid and the date that they are paid.

However, as far as reporting this to the Board on a monthly basis, no! I haven't ever done so. I have never heard that actually.

This is a very interesting, thought-provoking post.


Get Free Membership

By signing up, you will receive emails from Proformative regarding Proformative programs, events, community news and activity. You can withdraw your consent at any time. Contact Us.

Business Exchange

Browse the Business Exchange to find information, resources and peer reviews to help you select the right solution for your business.

Learn more

Contribute to Community

If you’re interested in learning more about contributing to your Proformative community, we have many ways for you to get involved. Please email to learn more about becoming a speaker or contributing to the blogs/Q&A Forum.