Payroll
Taxes Withholding Liability
If
you operate a business that collects payroll taxes from employees,
regardless of your corporate financial situation, don't
"borrow" from the withholding tax fund. If that money is not paid to
the IRS or State taxation autority when it’s due, the
governmental will attack.
Not
Paying On Time=Personal Liability
If the due date for making payroll tax deposits arrives and the money
isn't sent, the IRS will take action against the so-called
"responsible parties." The IRS will make you Personally Liable for the
Trust Fund Recovery Penalty (formerly called the "100% Penalty"). The
Trust Fund Recovery Penalty icludes the employee portion of income tax,
Social Security and Medicare taxes withheld.
The corporate veil will NOT shield you or other corporate officers.
Payroll taxes are one area where you cannot escape personal liability.
Each
officer, business owner or other "responsible person" can personally be
assessed 100 percent of the amount withheld.
As long as you paid any bill other than taxes you will be determined to
have "willfully" failed to pay tax. The IRS will assess the Penalty
against you.
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Fight
Personal Liability
The IRS will send
everyone it can find proposed Trust Fund Recovery Assessments. If you
get any notice about payroll taxes from the IRS, immediately call your
tax attorney, Ronald J.
Cappuccio, J.D., LL.M.(Tax) Lawyer at (856) 665-2121. If
you do not fight the proposed assessment in time, the IRS will come
after your wages, bank accounts, vehicles, real estate and anything you
own!
The States Are Even Worse!
States impose similar penalties for
withholding taxes. The Taxes are typically imposed by several
governmental agencies with titles such as the Division of Taxation and
Department of Labor. Frequently the taxes are hidden under a misnomer
of "contributions" but the result is the same. You will be personally
liable! Worse, many States make it a habbit of Criminally prosecuting
business owners and "responsible parties."
Do
Not Delay
If your business has past
due 941 tax returns, or
owes 941 taxes, or State Taxes, DO
NOT WAIT FOR THE IRS TO LEVY YOUR BANK ACCOUNTS! Call
Ronald J. Cappuccio, J.D., LL.M.(Tax) Attorney
at (856) 665-2121
Our Main Tax
Website LLC
Business Website
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Ronald
J.Cappuccio, J.D., LL.M.(Tax)