Everyone,
I have a husband-wife team who had a failed restaurant and were assessed TFRP on both. The question I have is about interest. I know the penalty is assessed against both in the full amount so payment by one offsets the amount owed by the other. Does this also apply with the interest assessed against both of them?
So if one party was able to get payment of the trust fund taxes and interest on their share, would that resolve the other taxpayer’s total liability or will the other spouse still be liable on the accrued interest?
Also any suggestions on treatises/books solely dedicated to resolving trust fund taxes would be very very welcome.
Jim Wade