I have never missed a payroll. I personally have missed many payroll checks over the last 40 years but my employees have never missed a check. I have seen companies declare bankruptcy. I had a wife and a secretary (this was 25 years ago, Jenny knows better now) think they could miss making payroll deposits when cash was short. A personal visit by the IRS was a wonderful learning experience. I have seen banks come in and repo everything and sell at at auction. I have seen business owners get busted boinking the cute admin assistant and his wife then deciding to hook up the the accountant who knew where all the assets were. That was an interesting divorce.
But today.... a new one.... and one more serious than any of the above. I got notified that my workers comp policy had been cancelled. Totally out of the blue. No warning. I immediately furloughed all employees and then shut down. Seems a few weeks ago they request a 941 from us. We didn’t get around to sending it. No warnings that the policy would be canceled they just canceled it and sent an email 24 hours after the fact. They claim they sent a warning letter but we have not seen it. So we are sending the 941 and supposedly will be reinstated by midnight. Then an embarrassing letter to all employees got sent. And I am paying them all for today. Never ever considered how serious no WC coverage could be. We were clearly at fault for not giving them one of the half dozen documents they request every 6 months or so. I guarantee we will not ignore the data request ever again. But WOW.
-- AF mailing list AF@af.afmug.com http://af.afmug.com/mailman/listinfo/af_af.afmug.com
