What Is Trust a Fund Recovery Penalty?
Corporations, partnerships, and Limited Liability Companies withhold money from employees’ paychecks for their income taxes and social security retirement plan. Part of these employment taxes (sometimes called quarterly taxes) consists of the social security and income-tax withholding that was withheld from employees’ paychecks. And when an LLC, Corporation or Partnership withholds these taxes from employees’ checks and does not pay it over to the government, the officers, directors, and some employees of the business can be held personally liable for these taxes. With substantial interest accumulating, it can become a substantial amount that is owed, it can put you in a tough spot financially. You could have tax liens filed against you personally, and your personal assets, even your home, could be seized to pay for this penalty.
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