Trust Fund Recovery Penalty (TFRP): When Business Owners Become Personally Liable for Payroll Taxes

Trust Fund Recovery Penalty (TFRP): When Business Owners Become Personally Liable for Payroll Taxes

Payroll taxes are treated differently from other types of business debts. In other cases, the business owner is generally not held personally liable for the debts of their business, provided that they have chosen the proper form of incorporation. However,…

 Can the IRS Take Your 401(k) For Taxes Owed?

Can the IRS Take Your 401(k) For Taxes Owed?

Many people who owe back taxes wonder how far the IRS can go. Some fear that the government might take funds from a retirement plan, such as a 401(k), to cover unpaid debts. These worries can grow when you receive…

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