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Payroll tax debt is considered to be the most serious of all tax debts. Operating a business, while owing back payroll taxes is viewed as illegally borrowing money from the government. The IRS can seize your assets and close down your business if you owe back payroll taxes.

The intimidating thing about payroll taxes is that the IRS can assess a portion of the tax, called the Trust Fund Recovery Penalty (TFRP), on individuals it believes had authority to collect and pay the tax.  This can be an owner, manager and even a bookkeeper. 

When payroll deposits have not been made, the IRS has the right to review a company’s accounts, interview the employees and hold the owners, managers, and bookkeepers personally responsible for the unpaid taxes. This penalty typically applies to corporations. If you were a sole proprietorship, LLC or partnership, you can be found directly responsible for payroll taxes without the Trust Fund Recovery Penalty stipulation.

Call us at  847-696-0077 and speak to one of our Enrolled Agents today!
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PFC & Tax Services, LLC
444 N. Northwest Hwy, Suite 195, Park Ridge, IL 60068, 847-696-0077, 312-587-8300
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