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What Payroll Taxes Are Considered “Trust Fund” Taxes? Understanding which payroll taxes can put business owners at personal financial risk. Running a business comes with plenty of responsibilities. One of the most important is making sure your employees’ payroll taxes are properly withheld, reported, and paid to the IRS. But did you know that not…
Why the IRS Can Make Payroll Tax Debt Personal Imagine you own a business, and cash flow becomes tight. You have employees to pay, suppliers demanding payment, and bills piling up. You make a difficult decision: use the money withheld from employee paychecks to keep the business running. You plan to catch up on the…
Trust Fund Recovery Penalty? If your business has fallen behind on payroll taxes, the IRS may have a way to hold you personally responsible for part of the debt—even if your business is an LLC or corporation. That is where the Trust Fund Recovery Penalty, commonly called the TFRP, comes into play. The TFRP can…
