Q: I've been working for a company that is rapidly losing money. I've heard through the grapevine that the owners haven't paid the employment taxes for the past year. Could that cause me trouble personally with the IRS? E.L.C., Cleveland
A: No, as long as employment taxes have been withheld from your paychecks according to the proper schedule. The IRS will credit you for amounts that were withheld, even though it hasn't collected the full amount yet. The IRS will pursue the taxes if the debt isn't satisfied. Tip: The IRS can try to collect the un-paid taxes from any "responsible party" at the company who was accountable for the employment taxes. That could be the owner or any other person who handles the finances.
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