Monday, May 16, 2022 5:26:29 PM
When taking the Payroll Taxes balance of $502,038 and dividing it by the payroll tax rate of 7.65% (Social Security (6.2%), and Medicare (1.45%)) the gross wages subject to payroll tax are $6,562,588.24. How many years did it take for BIEL to spend $6.6 million on payroll expenses? Is BIEL at risk of being shuttered by the IRS?
Also, thanks to the ex-CPA in charge of the company, shareholders will pay the $279,370 of estimated penalties and interest related to the outstanding and delinquent payroll tax remittances. This reminds me of the SEC penalty that this family originated, but stockholders will pay the $183,640
All of my comments are based on my own due diligence and are only my opinion. Please conduct your own due diligence and research before deciding whether to buy or sell any stock. My posts are for entertainment only.
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