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taxes company business bankruptcy
I am the owner of a company that will be soon filing for bankruptcy protection. I collected but did not remit my employees’ withheld taxes to the appropriate taxing authorities. Will the IRS get its hooks into me? Will I be held personally liable for the unremitted amount?
Yes. An employer is considered a trustee of taxes collected from employees, owes a fiduciary duty to the employees, and, in effect, acts as an unpaid collection agent for the IRS.
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