PAYROLL TAXES PAYABLE
|9 Months Ended|
Sep. 30, 2021
|Payroll Taxes Payable|
|PAYROLL TAXES PAYABLE||
NOTE 11 – PAYROLL TAXES PAYABLE
In 2009 and 2010, REGS, a former 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, 2021, as a result of the abandonment of REGS, there was no outstanding payroll liabilities as of September 30, 2021. The outstanding balance due to the IRS by REGS at December 31, 2020 was $1,085,400, respectively.
Other than this prior outstanding payroll tax matter, which was owed exclusively by REGS, and arose in 2009 and 2010, all state and federal payroll taxes have been paid by the Company in a timely manner.