First Circuit Court Rules Corporate Officers Personally Responsible for Payroll Taxes – The First Circuit Court has recently affirmed a District Court decision that states corporate officers can be held personally responsible for non-payment of payroll taxes under Code Sec. 6672. The taxes withheld from employees are held in trust for the government and may not be used for any other purpose. The IRS cannot assess tax on another person; therefore, an equivalent of the tax is assessed, namely a penalty equal to 100% of the taxes held in trust.
Richard Schiffmann and Stephen Cummings are the former CEO and CFO …read more
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