Lance Drury Law
Ste. Genevieve 573-883-3056
Columbia 573-886-8900
St. Louis 314-200-0003

November 2014 Archives

Tax Resolution Expert, Attorney Lance Drury Sheds Light On a Little Known IRS Process That Lets Them Legally Steal Business or Personal Assets.

Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of “Successonomics” issues a warning to both business owners and individuals to be more cautious about making deposits to their accounts that would make them IRS targets.

Beware: If You Make a Series of Deposits Totaling $10K, The IRS Could Seize Your Accounts

Law abiding, small business owners and ordinary citizens must be increasingly cautious to avoid getting into trouble with the IRS. For the last few years, the IRS has been implementing a process referred to as “civil asset forfeiture” to seize bank accounts and other assets. Originally created as a way to track the cash of criminals such as drug traffickers and terrorists, the IRS has turned their sights to average business owners even though they have no criminal records, nor have they committed any serious crimes.

Tax Resolution Expert, Attorney Lance Drury Warns Employers Against Using Payroll Taxes for Other Expenses.

Tax resolution attorney Lance Drury, founder of the Law Firm of Lance R. Drury, and best selling author of “
Successonomics” tells employers that as trustees of the U.S. government they are obligated to send in payroll taxes or suffer the consequences.

Using Withheld Payroll Taxes For Other Expenses is Dangerous Business

Unfortunately many employers fall into this very dangerous trap during financially stressful times. Be forewarned though that any other means of meeting financial obligations is preferable to using payroll taxes.Any individual within a company who distributes payroll checks to anyone considered an employee is automatically considered a trustee for the U.S. government. A percentage of the payroll taxes that are withheld are called “trust fund taxes” and belong to the government.If payroll taxes are misused to pay other expenses instead of making payment to the IRS, they will assess what is called a trust fund civil penalty also known as a trust fund recovery penalty (TFRP). This civil penalty is imposed on the personal assets of any and all persons in the business having the responsibility for collecting, accounting for or paying over the taxes but “willfully” fails to do so. These individuals are considered by the IRS to be a “responsible person”. Be aware that the IRS can assess this civil penalty against every responsible person even if the business has gone belly up.Once the IRS imposes a Trust Fund Recovery Penalty against a business’s responsible persons, it is the taxpayers’ responsibility to prove that they are either not a responsible person or that there was no payment to creditors when the payroll taxes were delinquent. Any responsible person in the business can avoid being assessed the TFRP by making all efforts to make sure that the withheld taxes are paid. If you are determined to be a responsible person the IRS can impose that you repay as much as 50% to 60% of the total payroll tax. The TFRP may be appealed by asking for a collection due process hearing or submitting an offer in compromise, among other actions.The Trust Fund Civil Penalty is serious and could mean personal ruin. Seek the services of an experienced tax resolution specialist immediately.

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The Law Firm of Lance R. Drury
150 Merchant Street
(By Appointment)
Ste. Genevieve, MO 63670

Phone: 314-200-0003
Fax: 573-883-3095
Ste. Genevieve Law Office Map

Columbia Office
3610 Buttonwood Drive, Suite 200
(By Appointment)
Columbia, MO 65201

Phone: 314-200-0003
Phone: 573-886-8900
Fax: 573-886-8901

St. Louis Office
3636 South Geyer Road, Suite 100
(By Appointment)
St. Louis, MO 63127

Phone: 314-200-0003
Fax: 314-238-7201

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- Lance

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