Are YOU a Responsible Person?

Most of the time we would like to think we are responsible. However in the payroll tax world that may NOT be good thing. In a business environment if you are an officer, no matter what type of officer, you could be deemed a “responsible person” and if the person in charge of paying payroll taxes does not properly pay such taxes, YOU, as the “responsible person” could be hit with a 100% penalty of those payroll taxes! That is what happened in Perrenod v. US, 112 AFTR 2d 2013-5162 (7/3/2013). The officer in charge of finances embezzled monies and did not properly pay the payroll taxes. He ultimately  pleaded no contest to felony counts for grand theft and tax fraud. Even so, when Perrenod, a partial shareholder,  took over the finances, he apparently didn’t investigate thoroughly and when payroll taxes were not paid HE was held to the 100% penalty. Moral of the story… ALWAYS make sure payroll taxes are paid if you are an officer or shareholder.  Better yet hire an outside company to help out so you can independently be sure that such payroll taxes are paid.

GENEROSITY IS A KEY TO HAPPINESS. REACH OUT AND HELP SOMEONE TODAY!