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Trust Fund Tax Attorneys

Last updated on June 13, 2024

Managing a family business or another commercial enterprise is a complex endeavor, especially in a volatile and intensely competitive economic environment. If you have made difficult decisions or accounting mistakes that created a trust fund tax liability, it is essential to address this matter as quickly and proactively as you can. At Demetrius J. Karos, Ltd. we can guide you through your trust fund tax needs, starting with explaining the tax system.

Trust Fund Tax Explained

Trust fund taxes refer to the income, Social Security, and Medicare taxes that come out of an employee’s wages. These tax withholdings are held in trust by an employer and are paid to the Treasury through Federal Tax Deposits (FTD). Employers are required to ensure these taxes are properly withheld and deposited. If they fail to manage these taxes properly, they can face severe penalties, including the Trust Fund Recovery Penalty (TFRP). We can review your situation to determine if you are at risk for any penalties and help you avoid any tax violations in the future.

Did You Fall Behind On Payroll Taxes? Personal Assets Now At Risk?

More than your business assets may well be at stake. People who have failed to fulfill payroll tax obligations to the Internal Revenue Service (IRS) commonly see levies and liens placed on personal assets — including their bank accounts and family homes. At Demetrius J. Karos, Ltd., you can get counsel and learn options from a metro Chicago and Joliet trust fund tax lawyer with decades of relevant experience.

Offers In Compromise Lawyers For Business Tax Debt

We recognize that you may have struggled to keep your Illinois family business going only to have it become financially unsustainable. It is common for entrepreneurs and small family-owned companies to feel cornered by the combination of a tax burden and other pressing bills. Communication problems within your business or bad advice may have played into your situation. The goal now must be addressing it practically and effectively.

Our long-standing attorneys and tax advocates, Demetrius and Kayla, have negotiated many IRS offers in compromise enabling clients to pay less than they technically owe and recover financial stability over time. Their strengths in this capacity include:

  • The analytical and financial presentation skills of a certified public accountant as well as a proven tax negotiator and litigator
  • Extensive knowledge of options for resolving trust fund tax debt or other business tax problems, grounded in insight into precisely what the IRS needs to see to accept your offer
  • An empathetic yet firmly realistic approach to assisting each client

The Guidance You Need To Solve Trust Fund Tax Problems And Get Back On Track

Our clear mission at Demetrius J. Karos, Ltd., is to deliver sound, practical tax guidance and executive solutions that protect our clients’ futures to the greatest possible extent. For straight answers and the professional help you need now, schedule a consultation in Naperville or southwest Michigan, Call 815-534-4402 or 800-465-6208.