A recent case involving S corporations illustrates the problems that arise when owners fail to pay employment taxes. The owners can be personally liability for trust fund recovery penalties (TFRPs), which are 100% of the employees’ taxes that were withheld. These penalties are not deductible.
Barbara Weltman
Big Ideas for Small Business, Inc.
Subscribe and download our eBook, "150+ Tax Deductions for Small Business A to Z."
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