Tax Tip: Trust Fund Recovery Penalty

Generally, a person is responsible for paying his or her own taxes directly to the Internal Revenue Service. However, sometimes the law requires one party to collect and pay tax on behalf of a taxpayer, such as an employer’s obligation to collect payroll taxes (“trust fund taxes”) on behalf of its employees. These taxes include […]

Does My Business Need an Employer Identification Number (EIN)?

The purpose of an employer identification number (EIN) — also known as a taxpayer identification number, or TIN — is to allow the IRS to track wages and other payments from your business to the business’s employees and owners. An EIN is also helpful in establishing a business bank account that’s separate from your personal […]