Owners, Officers, and certain employees can be held personally liable for a business's failure to pay certain payroll taxes. This means that if you, or someone else within your business, is found to be willful and responsible for the business's failure to pay payroll taxes you could be held personally liable for a portion of the back tax called the Trust Fund Recovery Penalty.
Once the IRS has made a personal Trust Fund Recovery Penalty assessment against you, they may begin to collect from you individually in addition to its collection efforts aimed at the underlying business entity. Thus, your individual assets, wages, and bank accounts are placed in jeopardy.
Read more about Trust Fund Recovery Penalty Relief.
Contact an expert for help with your trust fund recovery penalty or back taxes.