Payroll taxes are the worst kind of tax problems to have with the IRS. Most business debts end with the failure of a business but trust fund taxes (the employees' payroll tax withholdings for income taxes, FICA and medicare taxes) can haunt a business owner long after the business is gone.
In this episode, I discuss the perils of not properly handling payroll taxes in your business. Employees' tax withholdings are called trust fund taxes because the funds are held "in trust" by the employer to pay to the IRS (or state for that matter) when due. When you pay your employees but no the IRS you are essentially "stealing" the employees' money that should be properly paid over to the IRS.
Learn the basics of your personal liability for unpaid payroll taxes. What are the things the IRS looks at when determining who is responsible personally for those unpaid trust fund taxes. Learn what things you should consider if you are thinking of starting your own business and will have employees.
If you or someone you know has a tax problem, call our office at 207-502-7181 or email us at firstname.lastname@example.org. We will be glad to help you. Otherwise, please enjoy our content and let us know if there are topics you'd like us to discuss.
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Episode 28: My Ex Spouse Claimed My Child, Now What?!
Episode 27: Don't Lose Your Golden Ticket to US Tax Court
Episode 26: Haven't Filed Your Taxes? Beware. The IRS Can File One For You.
Episode 25 - Some Dirty Secrets About Filing a Joint Tax Return
Episode 24 Home is Where the Heart is and Maybe Even Some Taxes
Episode 23: IRA Tax Traps
Episode 21: IRS Announces New Taxpayer Friendly Initiatives
Episode 20: IRS Transcripts and How They Can Help Your Case
Episode 19: The Roadmap to Resolution
Episode 18: How to Avoid Bad Apple Tax Preparers
Episode 17: Death and Taxes, What Happens to Your Tax Debts When You Die
Episode 16: Employers. Watch Out, if You Outsource Payroll!
Episode 15: What Are Offer Mills and Why Should You Steer Clear of Them
Episode 14: What to Watch Out For If You Are Divorcing a Tax Deadbeat.
Episode 13: Are There Any Drawbacks to Filing an Offer in Compromise?
Episode 12: IRS Offer-in-Compromise Myths
Episode 11: I Can't Pay My Taxes! Now What?
Episode 10: Tax Preparers Gone Wild! Treasury Report Highlights Need for the IRS to Do More About Bad Apple Preparers and More
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