tax help plano tx: Are You Personally Liable for Your Businesses Taxes? - 09/26/20 10:12 AM
If you've read my prior blogs, you already realize that Payroll Tax Debt is often the most complicated and risky tax debt issue to deal with, and as mentioned in the title, not only is the business liable for the tax, but the owner’s and other “Responsible Persons” can be held responsible for the Trust Fund portion of the debt. This is known as the Trust Fund Recovery Penalty, or the TFRP.
 
While the IRS can only collect the debt once, they can collect it from any and/or all “Responsible Persons”. Both the business and the “Responsible Persons” can be levied … (3 comments)