Labor Smart Inc (LTNC)

[DD2Gain]

The effort to defend tax delinquency is staggering. It's not like I haven't posted numerous links to support my posts unlike those who defend this CEO. If I'm so wrong how hard would it be to ask our boy Schadel what the total penalties, fees, and interest will be for the full term of the loan and post his response? Heck, post for us what the full term actually is! As for the steep penalties that most certainly have been assessed, but Schadel refuses to disclose just like he refused to disclose the delinquency until the Q1 and the principle until Q2:

* If your federal employment tax deposit is one to five days late, the IRS imposes a 2 percent penalty.

* If your deposit is six to fifteen days overdue, you can be charged a 5 percent penalty.

* If your deposit is late by sixteen days or more, there is a 10 percent penalty.

* If the IRS sends you a notice stating that you owe federal employment taxes and you pay the deposit directly to the IRS within ten days of the notice, you'll be charged a 10 percent penalty.

* If the IRS sends you a notice stating that you owe the taxes but you wait more than ten days before complying, there is a 15 percent penalty

* A 10 percent penalty applies if you make the deposit at a financial institution that is not an authorized financial institution.

* For every month or partial month that you fail to file a return, the IRS imposes a penalty of 5 percent of what the return should have shown, up to a cap of 25 percent.

* For every month or partial month that you withhold federal employment taxes but pay them late, the IRS imposes a penalty of 0.5 percent of the tax amount, up to a cap of 25 percent.

* If you don't withhold income and FICA taxes as you are required to do, or if you withhold the taxes but don't pay them to the IRS, the IRS is authorized to penalize you up to 100 percent of the taxes owing.

http://www.reuters.com/article/2009/04/02/businesspropicks-us-findlaw-penalties-fo-idUSTRE53144N20090402