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.

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Apr 10 2021

What is an Offer in Compromise?

Tax Problem Resolution / 4180 interview, offer in compromise, online tax filing, payroll tax relief

Scenario: you receive a tax bill from the Internal Revenue Service (IRS) for a staggering amount. You think to yourself: how am I ever going […]

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Oct 25 2020

Employment Tax Issues and Relief

Tax Problem Resolution / employment tax, payroll tax relief

There are a variety of different potential employment tax issues, but don’t worry, there are several Employment Tax issue relief options as well. Here, at

Employment Tax Issues and Relief Read Article