What is Trust Fund Penalty?

A Trust Fund in terms of employment tax should not be mistaken with a trust fund in terms of wealth management. This is the payroll tax amount assessed to the officers of the business. Tax resolution can help reduce and or arrange the payment of these taxes.

What is a Trust Fund Recovery Penalty (TRFP)?

A Trust Fund Recovery Penalty can be assessed if the unpaid trust fund taxes cannot be immediately collected from the business. This often happens if the business falls on hard times and taps into that fund for any reason. According International Revenue Code 6672(a) an individual can be held liable for penalty for willful failure to collect, account for, or pay to the IRS the taxes for the business.

Who is Held Responsible for the TRFP?

According to the IRS, the TRFP can be assessed against any person who is: responsible for collecting or paying withheld employment taxes, willfully fails to collect or pay the taxes.

Services - Bullseye Tax Relief

Our Services

Tax Problem

Resolution

Offer In Compromise

Offer in Compromise (OIC) allows you to settle your tax debt for much less than the amount you owe. Offer in Compromise was created for those in tax debt that could not pay off their debt in full without experiencing financial hardship by doing so.

Currently Non-Collectible

If you agree that you owe money to the IRS but your financial situation makes it impossible to do so without causing financial hardship you may qualify for a Currently Non-Collectible status

Penalty Abatement

Penalty Abatement relieves you from facing penalties from failing to file taxes or make payments on time as an individual or failure to deposit certain taxes as a business.

Installment Agreement

If you can’t pay your tax bill in full, there are many different types of installment agreements, all of which have their own benefits, wherethe IRS allows you to break down that debt into monthly installments.

Partial Payment Installment Agreement

IRS agrees to allow you to pay only a portion of your debt over the allotted amount of time the IRS gives you. In this situation, you are paying an amount less than the original tax debt amount.

Federal Tax Lien

A tax lien affects your financial assets, personal property and your real estate. Tax liens can vary based on your individual situation and are the government’s way of protecting their interest in the case that you fail to pay your tax debt in a timely manner.

Tax Lien Discharge

A tax lien discharge removes your tax lien from a specific property. If you request a tax lien discharge and the IRS accepts your request, they will give you a Certificate of Discharge.

Tax Lien Subordination

Tax lien subordination gives a creditor the opportunity to move ahead of the IRS in their claims against a property. Doing so may be necessary for real estate transactions such as a mortgage refinance where lenders do not agree to take a second lean position.

Tax Lien Withdrawal

You maybe eligible for a Tax lien withdrawal if you have entered into a direct debit installment agreement or have come to some sort of an agreement regarding your tax debt.

Wage Garnishment Release

Wage garnishment is a way the IRS can obtain your wages and earnings through your employer to satisfy a tax debt. When you obtain a wage garnishment release, the IRS agrees to not take anypart of your wages to satisfy your tax obligation.

Bank Levy Release

A bank levy gives the IRS the ability to freeze your bank account and collect whatever money you have in the bank account to pay towards your tax debt. A Bank levy release will do just that, releasing your bank account so the IRS does not seize funds from your bank accounts.

Innocent Spouse Relief

Innocent Spouse Relief relieves you from paying any penalties, interest or taxes on the misreported or unreported items madeby your spouse on tax returns.

Statute Of Limitations

The statute of limitation is the time period established by law for the IRS to assess, review and resolve any tax related issue. Once the time period passes, the IRS is no has a claim. How can the statute of limitations impact your tax debt situation?

Collection Appeal

Collection appeals allow you, the taxpayer, to challenge the IRS’s actions for collection and in many cases either put a pause on their ability to collect or reverse the collection process and relieve yourself of any collection actions taken against you.

Administrative Appeal

If the IRS’s decision or action taken is unfair or incorrect, an administrative appeal will allow you to have a second chance to appeal the decision or action, which may lead to a more favorable outcome for your tax situation.

Employment Tax

Employment taxes are taxes individuals, businesses and any of their employees are expected to pay to federal, state, and local agencies. Employers refer to this as a “payroll tax”.

Trust Fund Penalty

A Trust Fund in terms of employment tax should not be mistaken with a trust fund in terms of wealth management.

Trust Fund Penalty Assessment

A Trust Fund Recovery Penalty is implemented by the IRS to encourage business owners to pay their employment taxes.

Trust Fund Penalty Assessment Interview

A trust fund recovery penalty interview and investigation permits the IRS (Internal Revenue Service) to collect unpaid taxes from businesses and assets of the individuals involved in the finances of the business.

Current Due Process

A Collection Due Process hearing could be your last chance to resolve whatever tax controversy you have with the IRS.

Tax

Prepation

Individual Income Tax

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donec tempor pharetra dui, in dignissim elit rutrum ut. Duis luctus tempus lobortis.

Business Income Tax

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donec tempor pharetra dui, in dignissim elit rutrum ut. Duis luctus tempus lobortis.

Business Payroll Tax

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donec tempor pharetra dui, in dignissim elit rutrum ut. Duis luctus tempus lobortis.

Contact us as soon as you can

Our consultation is FREE. The sooner we get started the sooner we can get to work for you.