home home Questions & answers home Question Question
Enter keyword(s):   
Browse By Category Advanced Search

Q:  What is "trust fund accountability?"

A:  If a corporation or Limited Liability Company (LLC) closes, leaving collected retail sales taxes unpaid to the Department of Revenue, the individuals responsible for making the financial decisions for the business may be held personally liable for payment of the unpaid sales tax. This is considered "trust fund accountability."
More information
Trust Fund Accountability
How well did this answer your question?
 5 - Very well
 1 - Not at all