Looming Danger for Business Owners and Officers - IRS Increases Efforts to Impose Personal Liability

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During recent congressional hearings regarding IRS tax

collection efforts, a top IRS official promised Congress that the agency "will do better" in collecting billions in "trust fund" taxes that businesses collected but never remitted to the government. Several members of Congress also stated that the IRS should develop an expedited process for assessing Trust Fund Recovery Penalties ("TFRP") against businesses and the key officers and employees thereof. Based on the statements of these key IRS officials, and on the current Congressional stance, more taxpayers will face the prospect of dealing with potential TFRP tax assessments and the significant impact it may have on the individual(s) separate and apart from the business.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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