IRS Trust Fund Tax Liabilities

One thing that many business owners do not realize is that if their company does not pay its employment taxes, they can be held individually responsible for a significant portion of the unpaid taxes. This means that while the company’s liability will essentially be forgotten when the business closes, this personal liability remains, and must be paid, even after the business is closed. In this podcast, attorney Joshua Nesser discusses the circumstances under which this “Trust Fund Recovery Penalty” can be assessed and what individuals should do if they think they will, or already have been assessed.