A trust fund tax is money withheld from an employee’s wages (income tax, social security, and Medicare taxes) and held in trust until paid to the Treasury. Congress has established large penalties for delays in turning over your employment taxes to the Treasury.
Whether you are an officer or an employee of a corporation, or a member of a partnership or an employee of a partnership, you can be charged with this penalty as a responsible person. However, there is hope. The question of being a responsible person is a question of fact and circumstances as to whether you are under a duty to perform the act in respect of which the violation occurs. Contact us so we can thoroughly examine those facts and circumstances.
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