Penalties Ahead for Unpaid Employment Taxes?

National Tax Practice Leader, Sean Muller, is interviewed by Accounting Today on the Trust Fund Recovery Penalty which is often described as one of the largest penalties in the Tax Code.

• “One potential risk under the CARES Act is with the Employee Retention Credit, the Paid Sick Leave Credit, and the Paid Family Leave Credit. Similar to the Social Security deferral, these credits only apply to the employer’s portion of Social Security tax,” Muller said. “However, if the credit exceeds the employer’s portion, it can be applied to all other taxes. But if the credit is not properly calculated, a responsible person could run into an issue.”

Read the full article and Sean’s interview on Accounting Today.

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