Payroll Taxes Payable
|6 Months Ended|
Jun. 30, 2020
|Payroll Taxes Payable|
|Payroll Taxes Payable||
NOTE 10 – PAYROLL TAXES PAYABLE
In 2009 and 2010, REGS, a subsidiary of the Company, became delinquent for unpaid federal employer and employee payroll taxes, accrued interest and penalties were incurred related to these unpaid payroll taxes.
As of June 30, 2020, and December 31, 2019, the outstanding balance due to the IRS by REGS was $1,068,800, and $1,052,200, respectively.
Other than this outstanding payroll tax matter, which is owed exclusively by REGS, arising in 2009 and 2010, all state and federal payroll taxes have been paid by REGS in a timely manner.