Archives for October 2015 | Wisconsin Tax Law Blog | Bankruptcy Lawyer | Tax Attorney | Wausau | Krautkramer & Block LLC Law Firm

Avoiding the Trust Fund Tax Trap

If you own a business, you know that there a numerous debts and obligations that you need to pay each month. Vendors and suppliers need to be paid, so products are available for your customers. Utilities need to be paid so the lights stay on, and the rent or mortgage needs to be paid so the doors can stay open. When things are going well, paying these liabilities is often not a problem. However, when business slows down it becomes necessary to determine which bills get paid and which creditors have to be postponed. Unfortunately, many of my clients do not know that there are certain types of taxes that business owners can be held personally liable for, even if their business is being operated as a corporation, partnership, or limited liability company. These taxes are referred to as trust fund taxes. Read Moreā€¦
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