Trust Fund Tax Liability (Payroll Tax Liability)

In legal terms, a trust fund tax is what it sounds like. It is any tax that is held in trust to be paid to the government.
If you collected taxes and were supposed to turn them over to the government but failed to do so, the government views this like you committed a theft. In 1998 the Trust Fund Recovery Penalty Act was enacted. The other name for this is the 100% Penalty.

These taxes include payroll and excise taxes. They can be a state tax issue and/or a federal tax problem.
Failure to pay trust fund taxes is an issue that governments take very seriously. The resulting penalties and fines can be substantial. The severity of the penalty imposed depends on whether the IRS finds that the non-payment was intentional or accidental.

Contact us for trust fund issues

If you find yourself in a dispute with the IRS regarding a trust fund tax issue, it is important to seek experienced counsel. The Michigan tax attorneys of Bendure & Thomas are skilled in dealing with the ins and outs of the tax code. They understand how to best represent your interests in a dispute with the IRS.

 For reliable and professional legal help for your tax issues, contact Bendure & Thomas, Attorneys and Counselors at Law, today.