In some cases, an individual can be held personally responsible by the IRS if a business fails to remit its “trust fund taxes” – the federal, Social Security and Medicare taxes withheld from employees’ paychecks.
Via the Trust Fund Recovery Penalty, the IRS could lien and/or levy this responsible person’s personal assets to collect these payroll taxes.
You do not have to be an owner, officer, or board member of an organization to be considered a responsible person under this penalty! You could be an employee who knew that these taxes were not being collected and didn’t do anything about it.
If you find yourself subject to the IRS Trust Fund Recovery Penalty, contact our office immediately! We may be able to reduce the penalty or eliminate it entirely.
Fill out the form below or call us at 646-326-9971 for a free in-office consultation.
Bradley R. Bailyn, Esq. , Founder
Bailyn Law provides comprehensive legal and advisory services to closely held and family businesses seeking to capitalize on opportunities, avoid or mitigate risks and create long-term stability through good management and diligent business decisions. We help owners and directors structure successful transactions to improve profitability and liquidity including purchasing and selling entire companies or certain assets, restructuring the ownership, management and operations of the business, raising capital or entering joint venture agreements. We serve as general counsel for our clients, fulfilling daily needs and building long-term relationships of trust and confidence.
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The Bailyn Law Firm, P.C
6301 Mill Lane
Brooklyn, NY 11234
One Rockefeller Plaza, Tenth Floor
New York, NY 10020
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