When a business starts experiencing cash flow issues, it is very common for them to get behind in making their payroll tax deposits. Unfortunately, this can lead to major problems, not only for the business, but for its owners and high-level employees.
The “Trust Fund Recovery Penalty” is a provision of the tax code that allows the IRS to collect 100% of the unpaid payroll taxes from any responsible person that willfully failed to pay them. This means that a business owner, their CFO, or controller could be held personally liable for any unpaid payroll taxes.
Trust Fund Recovery Penalty cases are a very serious matter. If your business is behind on its payroll taxes, call us today to help you arrange a payment plan before things get out of hand. If this fails, you need experienced counsel in dealing with this matter.
If you are an employee of a company that is not paying their payroll taxes, and you think you may be a responsible person, you should retain your own counsel separate from the company to protect your interests.
Through our close association with Dennis M. Lanphier, P.C. (a law firm run by one of our partners), we represent clients caught up in trust fund recovery penalty cases. We have both the tax and legal resources to help protect you from the IRS and guide you to the best resolution.
Contact our firm today to discuss your payroll tax issues and how we can assist you.