You are reading the headline correctly.

The CPA steals the payroll taxes. He has the money.

The owner, a responsible party, has to pay the payroll taxes to the IRS. It gets worse.

The owner also has to pay the 100 percent trust fund penalty on the W-2 payroll taxes (federal income, Social Security, and Medicare taxes) that the CPA embezzled.1

Background

Rodney Taylor hired Robert Gard, CPA, to manage his corporation’s bookkeeping and other accounting matters. Over a number of years, Gard embezzled between ... Log in to view full article.