Trust Fund Taxes

Companies are required to hold some taxes in trust – set aside until they’re due to the IRS or state taxing authority.  A portion of income taxes are withheld from employee paychecks and held in trust until remitted to the IRS.  Sales taxes are collected and held in trust until paid on a monthly or quarterly basis to the state.  A failure to remit trust fund taxes results in penalties and interest, and responsible individuals may be held liable for trust fund taxes owed by a business.  Please contact Larson Financial to get answers specific to your situation.