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I've been at my job for 8 years, working for a small company. I have a competitive job offer with another local employer. I found out a few weeks ago that my boss hasn't paid any estimated income taxes for 2017 and has not paid all taxes due for 16. He is now well into 6 figures (think 300K) in tax debt.
I asked about this and was told everything is fine, we just got behind and can catch up. The owner lives beyond his apparent means and takes a lot of money out of the business monthly.
I don't prefer to leave a job I've been at so long but common sense says trouble is on the horizon. Thoughts?
I should add that I am paid fairly well and my boss leaves me alone. I can come and go as I please. He is an ass to staff members but I do a lot of the work, so he leaves me alone. I am just concerned that this is a sinking ship due to his mismangement.
The Enron, WorldCom, Bear Stearns, and Countrywide employees were paid fairly well. It didn't matter that they made $100k or $200k. They still ended up in the unemployment line.
It's worse to be unemployed from a high paying job. The unemployment insurance may pay only $400-600 a week at the most. If you are stuck in a high mortgage/rental and car payments, you will be burning through savings and credit cards in no time.
My sister's boyfriend was unemployed for months, after his office was raided by the Feds. The owner was thrown in Federal prison for fraud. What a nightmare, if it wasn't for her salary they would be homeless? He was lucky that she loved him, other women would have dumped him.
Don't be caught be in a nightmare layoff. It's just about your work life. It turns your personal life upside down.
You have a job offer, take it. And keep your pay stubs, to prove taxes were taken out, he may not have paid them in for you.
Yeah, he pays payroll taxes. His income taxes have apparently taken second place to personal spending. I think he might be in denial about the whole thing, he thinks the IRS will leave him alone as long as hes making payments.
If the owner is significantly behind on taxes, it is in,y a matter of time before he starts juggling expenses to cover. He will delay payments to vendors, then he will cover that by delaying payroll taxes, etc.
At some point the business will fail, and it will wind up costing you, potentially a lot.
Get out while you have some control over taking your next job.
If the owner is significantly behind on taxes, it is in,y a matter of time before he starts juggling expenses to cover. He will delay payments to vendors, then he will cover that by delaying payroll taxes, etc.
At some point the business will fail, and it will wind up costing you, potentially a lot.
Get out while you have some control over taking your next job.
Thanks.
I've already seen a little bit of this, delayed payment to vendors. Our monthly overhead is, in my opinion, too high for the type of business we run. He just bought a new house and tripled his mortgage payment and also has another child on the way.
By your comments, it sounds like you don't want to go. I have worked for two companies that tanked due to money issues, and when it was time they had no problem cutting my job BECAUSE they didn't have the funds to pay me. I think you will kick yourself if you don't get out - but you are still making excuses how "my boss leaves me alone." I can tell you to take the job that was offered but I already know you will stay - and always be worried when the IRS will come for your boss and freeze his bank account.
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