Unremitted

Unremitted refers to money or other assets that have been collected but not yet sent to the intended recipient or authority. This term is commonly used in financial and legal contexts. For example, taxes that are withheld from an employee's paycheck but not yet paid to the government are considered unremitted taxes. Similarly, funds collected by an agent on behalf of a principal that have not yet been transferred are unremitted funds.

The failure to remit funds can have various consequences, depending on the nature of the transaction and the governing laws. In cases of unremitted taxes, individuals or businesses may face penalties, interest charges, and legal action from tax authorities. For unremitted payments in business dealings, it can lead to disputes between parties, breach of contract claims, and potential financial losses. The specific legal and financial implications of unremitted amounts are typically outlined in relevant statutes, regulations, and contractual agreements. Understanding the status of funds as remitted or unremitted is crucial for maintaining compliance and fulfilling financial obligations.