Trust Fund Recovery
Unlike income tax liability, certain payroll tax liabilities may be collected from individuals, such as the owners and officers of a business, under the assessment of a Trust Fund Recovery Penalty. Although called a penalty, the Trust Fund Recovery Penalty functions as a secondary collection method for delinquent payroll taxes. The Trust Fund Recovery Penalty can hold company officers and anyone else the IRS deems a “responsible party” (for example, employees with check signing authority or discretion to make payments) to be held personally liable for the tax liability. If you receive a notice that a Trust Fund Recovery Penalty has been proposed against you, you should seek legal counsel immediately to minimize potential consequences. Know your rights, contact us today.
When you or your business demands the dual need for an accountant and an attorney, you shouldn’t have to pay for two different, high-priced professionals. The Attorney-CPA’s at Scharar Law Firm, PC combine the knowledge and experience needed to address the critical issues you face from both legal and financial perspectives simultaneously. Contact us today to experience the power of the dual view.