Consider this familiar scenario: Your small business is struggling. You pay the rent and your employees' wages, but not the payroll taxes. You know things will turn around next month when the big order comes in and Christmas is just around the corner. You are sure you will pull out of the slump and be able to pay the IRS.

Six months go by. The financial picture does not improve. Orders have stopped coming in and holiday sales were terrible. You are behind on the rent. You have not filed payroll tax forms or deposited payroll taxes for the last four quarters. You close your business and sell your assets to pay off the creditors – but you don't pay the IRS.

When payroll taxes are not paid, the IRS conducts an investigation to determine who is and/or was responsible for financial decisions. You or anyone who has the authority to sign checks or make decisions can be held personally liable for all taxes withheld from the employee's wages and not paid to the IRS. This personal liability for payroll taxes is known as the Trust Fund Recovery Penalty .

You can very quickly become responsible for a substantial tax bill.

Members of our staff can assist you in resolving a trust fund situation. Please contact us as soon as possible so we can help you avoid a serious tax problem.

You can reach TPS by telephone at 678-518-4442; toll free at 1-866-518-4442; by fax at 678-518-4064 or email at taxspecialists@bellsouth.net .