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Agreements with creditors didn’t shield president from trust fund recovery penalty

The Court of Appeals for the Fourth Circuit, affirming the district court, has held in Newbill v. U.S. that the president, treasurer, and majority shareholder of a construction company was liable for the trust fund recovery penalty under Code Sec. 6672. He was a responsible person, and agreements that gave creditors joint control over the company’s accounts didn’t shield him from the penalty.

Beliveau Law Group: Massachusetts | Florida | New Hampshire

The attorneys at the Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas). The law firm has offices and attorneys in Naples, Florida; Boca Raton, Florida; Danvers, Massachusetts; Waltham, Massachusetts; Quincy, Massachusetts; Manchester, New Hampshire and Salem, New Hampshire.

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