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Employers Beware of the Trust Fund Recovery Penalty

Employers Beware of the Trust Fund Recovery Penalty

If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Because the taxes

Sonya Foster2021-04-12T14:53:52-06:00July 21st, 2020|

Avoid Getting Hit With Payroll Tax Penalties

Avoid Getting Hit With Payroll Tax Penalties

For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes under the Tax Cuts and Jobs Act.) But it’s crucial not

Sonya Foster2021-04-12T14:56:22-06:00July 24th, 2018|