A trust fund tax is money withheld from an employee’s wages (income tax, Social Security and Medicare taxes) by an employer and held in trust until paid to the Treasury. If you currently own or have owned a business with employees and owe 941 or Employee Withholding Tax you NEED TO RESOLVE YOUR TAX ISSUE IMMEDIATELY. If Payroll Taxes are not paid, you are putting your income, assets, and business reputation at risk.
The taxes and penalties can be collected from any person who could be responsible for collecting and paying the taxes. This means you could be personally responsible for the taxes and penalties, even if the company is insolvent.
