The governing boards and executives of not-for-profit hospitals face daunting challenges these days. The media regularly carry reports on the dire financial straits in which many hospitals find themselves. The financial problems are particularly acute in New York, where many hospitals operate on razor-thin margins, carry huge debt loads, and face declining revenues from Medicare, Medicaid and other third-party payors.
When a hospital faces severe financial problems, it may be tempted to delay payment of its employees’ federal withholding taxes, and to use that money to pay suppliers and vendors, or to meet other urgent financial needs. However, this temptation must be resisted since there are civil and even criminal consequences for non-payment of withholding taxes.
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