Can one designate voluntary payments from the sale of corporate assets to pay the trust fund portion of delinquent taxes?

Thank you for your question.  The answer is, yes you can designate to which taxes the money you pay to the IRS will be applied as long as it is a “voluntary” payment and not one paid due to forced collection by the IRS.  For instance, if there is a tax lien on the assets when you sell property and the sale funds are paid because of the lien, you cannot designate the funds to be applied to the trust fund portion.  The lien is considered a forced collection technique. Also, if you make a voluntary payment you do not have to reveal the exact source of the funds. Applying any company funds you can to the trust fund taxes is a wise use of the money since it will lower the eventual amount you have to pay from your personal assets.  However, it is best to use a professional who deals with the trust fund penalty to handle the negotiations to make sure the money is applied correctly.