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.

business tax help Archives - Bullseye Tax Relief

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Jun 8 2021June 8, 2021

Employment Taxes Amid COVID – Part 3

Parts 1 and 2 of previous blogs on this topic discussed the deferral of employment tax deposits and payments for the year 2020 and the …

Employment Taxes Amid COVID – Part 3 Read Article

Jun 1 2021June 1, 2021

Employment Taxes Amid COVID – Part 2

Tax Problem Resolution / business tax help, help with employment tax, help with payroll tax, tax preparation, tax preparation services, tax resolution, tax resolution services

Part 1 discussed the deferral of employment tax deposits and payments for the year 2020 (Deferral of employment tax deposits and payments through December 31, …

Employment Taxes Amid COVID – Part 2 Read Article

May 29 2021May 31, 2021

Employment Taxes Amid COVID – Part 1

Tax Problem Resolution / business tax help, COVID, employment tax, employment taxes, help with employment taxes, help with payroll taxes, payroll tax, tax services

It is not necessary to say that this past year has been a particularly trying one. COVID has upended the entire world, especially the business …

Employment Taxes Amid COVID – Part 1 Read Article

May 26 2021May 27, 2021

Business Taxes are Dependent upon Business Structure – Part 3

Tax Problem Resolution / business tax, business tax help, federal tax return, help with employment tax, help with payroll tax, tax calculator, tax lien on my business, tax preparation services

We will discuss the last two of the five business structures recognized by the Internal Revenue Service (IRS) (Business Structures | Internal Revenue Service (irs.gov)) …

Business Taxes are Dependent upon Business Structure – Part 3 Read Article

May 17 2021May 18, 2021

Challenging an IRS Collection Action

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Is the Internal Revenue Service (IRS) always correct when assessing taxpayers’ tax returns? Of course not. Since IRS agents are human, they can make incorrect …

Challenging an IRS Collection Action Read Article

May 12 2021May 12, 2021

What is Innocent Spouse Relief?

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Sometimes an individual underreports his or her income to the Internal Revenue Service (IRS). Whenever the IRS discovers that this has occurred, it will investigate …

What is Innocent Spouse Relief? Read Article