Payroll Taxes Payable
|9 Months Ended|
Sep. 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.
In 2010 the IRS filed notices of federal tax liens against certain of REGS assets in order to secure certain tax obligations. The IRS is to release this lien if and when REGS pays the full amount due. Two of the officers of REGS also have liability exposure for a portion of the taxes if REGS does not pay the liability.
As of September 30, 2020, and December 31, 2019, the outstanding balance due to the IRS by REGS was $1,077,100, 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.