Labor Smart Inc (LTNC)

[DD2Gain]

THE IRS CONSIDERED COLLECTION ACTION AGAINST LTNC

You asked for it...

From the 2014 1Q:

On March 17, 2014, the Internal Revenue Service agreed not to take collection action against the Company for payroll tax liabilities as long the Company remains current and makes monthly installments against outstanding liabilities. The agreed monthly installments are $5,000 which increase to $10,000 on July 28, 2014 which further increase to $15,000 on July 28, 2016.

Relevant part:

the Internal Revenue Service agreed not to take collection action against the Company for payroll tax liabilities

Well, lookie there. Go ahead and tell me how collection action doesn't mean collecting "payroll taxes" just like Schadel saying he is current on "ALL" tax obligations in January didn't include payroll taxes. lol

Oh, and that's reportably late two years in a row. Look at the 2012 10K if you think I'm BSing about that too. Care to guess what happens if Schadel is late again? How many clients do you think want to gamble with their own liability by entrusting payroll with this disaster of a company? It's no wonder revenue growth fell 24% from last month.