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 Trust fund, which is the taxes collected by the employer and withheld from employees
Non-trust fund, which is the employer payroll tax obligation
Only the employer non-trust fund payroll tax and accrued penalty and
interest can be discharged in bankruptcy. An exception to this rule is when someone is
considered personally liable and assessed for the trust fund recovery.
After taxes are discharged, certain exempt assets (i.e. equity in home, automobile, accounts receivable)
to which the court does not attach are still subject to a Notice of Federal Tax Lien if the IRS filed prior
to the bankruptcy.
Please feel free to contact us for more information about our
Bankruptcy Services. Email Us
or give us a call at (800) 982 0462. We look forward to hearing from you.
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