Behind on Employment Taxes? Watch Out!

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The IRS is stepping up enforcement and collection of unpaid employment taxes. The federal government derives approximately 70% of its revenues from employment taxes: FICA, Medicare, and income tax withholdings from wages. These withholdings are referred to as trust fund taxes, because the business is holding the funds in trust for the government until timely remitted. While the business is primarily responsible for collecting and remitting these taxes, the Internal Revenue Code (IRC) adds teeth via IRC 6672 and IRC 7202.

IRC 6672 imposes a penalty equal to 100% of the unpaid trust fund taxes against any person who …read more

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