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business tax debt: Minneapolis: Trust Fund Repayment Penalty - Am I Responsible?
- 06/03/21 11:12 AM
The Trust Fund Repayment Penalty is a penalty that makes an individual personally responsible for the tax debt of a business. Maybe a Revenue Officer has interviewed you or asked you to fill out a form. But, shortly afterwards you receive IRS Letter 1153. This is notice that the IRS considers you responsible for making sure that the business pays the tax. Since the business didn't, you are on the hook for the whole balance. But is the IRS wrong? Are you responsible?
I am a tax attorney in Minneapolis, Minnesota. I represent taxpayers before the IRS and state tax authorities. I … (0 comments)
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The Trust Fund Repayment Penalty is a penalty that makes an individual personally responsible for the tax debt of a business. Maybe a Revenue Officer has interviewed you or asked you to fill out a form. But, shortly afterwards you receive IRS Letter 1153. This is notice that the IRS considers you responsible for making sure that the business pays the tax. Since the business didn't, you are on the hook for the whole balance. But is the IRS wrong? Are you responsible?
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