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I Own Or Work For A Company That Is Behind On Employer or Sales Taxes. Can The Government Pursue Me and My Personal Assets?

I Own or Work For a Company That is Behind on Employment or Sales Taxes.  Can the Government Pursue Me and My Personal Assets?

Maybe! If you are an owner, officer, check signer or person with some control over the company’s financial decision-making, you may be at risk of being held personally liable.  The IRS can assess you with a Trust Fund Recovery Penalty, which is 100% of the employees portion of the taxes withheld but not turned over.  If you are assessed with the Trust Fund Recovery Penalty it is assessed against you and any else the IRS views as a Responsible Person.  The IRS will access the SAME Trust Fund Penalty to each person viewed as a Responsible Person.  They will then begin to collect the Trust Fund Recovery Penalty from ALL Responsible Persons.!

 

NOTE: The key is to STOP THIS before you are assessed the Trust Fund Recovery Penalty.  Once assessed it is very difficult to remove.

 

Consult with a Certified Tax Resolution Specialist experienced in dealing with trust fund cases to see if you are at risk, and to see what can be done to reduce or eliminate that risk. For further information, see our article on Personal Liability for Unpaid Employer Withholding Taxes.

 

Also See

Payroll Tax Problems, Business Tax Audits, and Unpaid Employment Taxes

Bankruptcy Tax Relief

Delinquent and Unfiled Tax Returns

IRS and State Audit Representation

 

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