When Execs Must Pay Bankrupt Firms' Tax Penalties

Law360, New York (October 27, 2016, 2:53 PM EDT) -- As many corporate executives are well aware, the Internal Revenue Service may impose personal liability on certain responsible individuals in the corporation for unpaid "trust fund" taxes. Trust fund taxes are taxes such as income and other payroll taxes that are withheld by the employer to be paid over to the government at set times during the year. After withholding and pending payment, they are held in trust by the employer....

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