Helping Clients Avoid Personal Liability For Business Tax Debts
If your business has been accused of willfully failing to turn over your employees’ withheld payroll taxes to the government, you could be facing serious consequences, including the assessment of a trust fund recovery penalty (TFRP) against your personal assets.
At Boog & Cruser, P.C., we are committed to protecting clients from this serious penalty. Every case we accept in this area is personally handled by Denver trust fund recovery penalty attorney Amanda Boog Cruser, a former U.S. tax prosecutor and certified public accountant.
Understanding What The Trust Fund Recovery Penalty Is And How It Works
When an employer withholds income and employment taxes (including Social Security and Medicare taxes) from an employee’s paycheck, the employer is considered to be holding those funds in trust for the benefit of the employee until they are turned over to the IRS.
From the perspective of the IRS, the obligation to collect and pay these taxes is considered more important than virtually any other debt or obligation a business may have.
As a result, any business owner, officer, director or executive who willfully fails to collect or pay these taxes can be assessed a trust fund recovery penalty for the full amount of the unpaid taxes. This is a personal penalty that cannot be discharged in bankruptcy.
An Experienced Lawyer Offering Skilled Counsel And Representation
If your business has gotten behind on your employee income and FICA tax payments, Ms. Cruser can advise you on your options for avoiding the trust fund recovery penalty and represent you in any dealings with the IRS over potential imposition of a personal tax liability.
If you have been assessed the trust fund recovery penalty, Ms. Cruser can help you pursue an appeal if appropriate. If you are prepared to pay the penalty, she can help you ensure that your payment is properly applied to the trust fund rather than to other tax debts.
Payroll And Employment Tax Attorney · Boulder, Colorado Springs, Aurora
Every business faces cash flow challenges, but as a business owner or other responsible party, you must be careful to avoid putting yourself and your family at risk. To schedule a free initial phone consultation to discuss your case, please contact us at 303-986-5769 or by email.