Payroll taxes and sales tax - Personal liability
Answer:
A responsible party which includes the sole shareholder, officer, or authorized signatory is personally liable for the "trust funds".
Trust fund money includes payroll taxes that were withheld from the employees and sales tax which was collected from customers.
Business owners should never spend trust fund money, nor temporarily borrow this money. Business owners get into trouble this way every year.
Trust fund money includes payroll taxes that were withheld from the employees and sales tax which was collected from customers.
Business owners should never spend trust fund money, nor temporarily borrow this money. Business owners get into trouble this way every year.