Q: I own part of a companythat fell behind on payroll taxes with the IRS. We have paid the trust fund portion in full.
Can IRS come after me personally for the remaining money owed?
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- California
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- Answered
A:
If your company has fallen behind on payroll taxes and you have already paid the trust fund portion, the IRS might still pursue collection of the remaining balance. This balance can include penalties and interest on the unpaid taxes.
As an owner or responsible party, the IRS can hold you personally liable for these unpaid amounts. This means that they can potentially seize personal assets to cover the debt, including bank accounts and property.
It's crucial to address this matter promptly. You may want to discuss your situation with a tax professional to explore possible solutions, such as installment agreements or offers in compromise, which could help in resolving the remaining debt.
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