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Tag: trust fund tax

Penalties for Not Turning Trust Fund Taxes Over to the IRS

trust fund tax penalties

When you pay your employees, you are not paying them all of the money they earned.  Instead, you are responsible for withholding part of their income for taxes.  These can include income taxes and FICA (Social Security and Medicare). Your employees trust that this money – referred to as trust fund taxes – goes to… Read more »

Resolving Trust Fund Recovery Penalty Disputes

Tax Penalty

  What are Trust Fund Taxes? Trust fund taxes include the Social Security, Medicare, and federal income tax a business withholds from its employees’ wages. These amounts are held in trust by the business until they are transferred to the IRS.