Payroll Taxes/Trust Fund Recovery Penalty
Payroll Taxes/Trust Fund Recovery Penalty
The IRS requires those businesses that maintain employees to collect and pay taxes that are withheld from employees wages. These taxes are called "withholding" or "trust fund" taxes and they are taken very seriously by the IRS. When such taxes are not remitted to the federal government, the IRS can collect against those "responsible persons" of the business. A responsible person can be an officer, partner, or even an employee of the business if he or she has control over the disbursement of funds and/or makes the day to day business decisions.
As stated, the IRS takes these matters seriously and aggressively pursues payroll tax debt. In some cases, the IRS institutes criminal proceeds against the responsible persons. It is extremely important that a person or business faced with payroll tax debt contact a competent tax attorney for advice and representation.
Marc D. Marsico Esq. practice focuses on small businesses and considers payroll tax cases to be those with which he can make a significant difference.
As stated, the IRS takes these matters seriously and aggressively pursues payroll tax debt. In some cases, the IRS institutes criminal proceeds against the responsible persons. It is extremely important that a person or business faced with payroll tax debt contact a competent tax attorney for advice and representation.
Marc D. Marsico Esq. practice focuses on small businesses and considers payroll tax cases to be those with which he can make a significant difference.
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