Trust Fund Penalty
What is Trust Fund Penalty
What is a Trust Fund Recovery Penalty (TRFP)?
Who is Held Responsible for the TRFP?
A responsible person is determined as
Willfulness is determined as:
In essence, anyone responsible for collecting these funds can be held responsible however, employees can be held responsible as well. If you know these payments aren’t being collected you could be held responsible.
How Does the Trust Fund Recovery Penalty Work?
How Much is a Trust Fund Recovery Penalty?
How Do I Avoid a Trust Fund Recovery Penalty?
A Trust Fund Recovery Penalty is often stressful for all responsible parties and businesses involved but there are a number of ways to work this situation out. If you feel you may be liable for TNRP, have received notice that a penalty is being assessed or you just want to make sure that you avoid this all together, we are here to help. Give us a call today to receive a free consultation or visit our IRS problem resolution page for more info.