Absolutely incredible news from the IRS today:
We were able to save our client from a $500,000 IRS penalty for unpaid business payroll taxes.
If you’re an owner or key employee in a business that’s not remitting payroll taxes, you are squarely at risk for the Trust Fund Recovery Penalty. Basically, if the IRS can’t collect the payroll taxes from the business in full, they’ll go after YOU instead!
Fortunately for our client (who was an owner in a business with MASSIVE payroll tax delinquencies), we were able to convince them that it would be unreasonable to pursue them individually for collection.
If you are a business owner (or even a key employee) in a business who is behind on their payroll taxes, you absolutely must be aware there is a very real risk of them coming after you personally.
Whatever you think you know about the “corporate veil” keeping you safe from personal liability is entirely inapplicable in these situations, if the IRS thinks you’re the reason the business isn’t paying its payroll taxes.
In my most recent video, I cover the strategy you need to employ to avoid having this penalty assessed against you.