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.

payroll tax resolution Archives - Bullseye Tax Relief

May 20 2021

Business Taxes are Dependent upon Business Structure – Part I

All businesses must pay taxes. However, not all business taxes are the same for every business. The type, amount and form used in paying taxes […]

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May 14 2021

Why Is a Statute of Limitations Important?

Tax Problem Resolution / Assessment Statute, Collection Statute, online tax, payroll tax resolution, Refund Statute, tax problems help, tax refund, tax resolution, tax return

Just what exactly is a Statute of Limitations? Why is it important to me? These two questions are answered in this blog. The Statute of

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May 10 2021

Free Your Bank Account with a Bank Levy Release

Tax Problem Resolution / bank levy, bank levy release, irs tax return, online tax filing, payroll tax resolution, tax calculator, tax preparation

As stated in earlier blogs, the Internal Revenue Service (IRS) has several different tools for collecting a tax debt. Another tool is the Bank Levy.

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May 5 2021

A Wage Garnishment Release Frees Your Wages from the IRS

Tax Problem Resolution / online tax filing, payroll tax resolution, tax, tax returns, trust fund recovery penalty, Wage Garnishment Release

As stated in earlier blogs, the Internal Revenue Service (IRS) can attach liens and levies against your personal and/or business assets to collect a tax

A Wage Garnishment Release Frees Your Wages from the IRS Read Article

May 3 2021

A Tax Lien Withdrawal Releases Your Property

Tax Problem Resolution / federal tax lien, federal tax return, irs tax return, payroll tax resolution, tax lien discharge, Tax Lien Subordination, Tax Lien Withdrawal

There is one more method of negating a tax lien against a property. A Tax Lien Withdrawal removes the Public Notice of Federal Tax Lien

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Apr 27 2021

Federal Tax Liens Ensure Collection of Tax Debt

Tax Problem Resolution / federal tax lien, federal tax return, irs tax return, payroll tax resolution, tax lien on my business

So, you owe the Internal Revenue Service (IRS) money for taxes. You do not have the money so you decide not to pay any amount

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Apr 26 2021

Pay a Portion of What You Owe with a Partial Payment Installment Agreement

Tax Problem Resolution / help with payroll tax, irs tax return, online tax, payroll tax resolution, tax filing

The Internal Revenue Service (IRS) allows you, the taxpayer, to pay your tax debt in affordable monthly installments in which you determine the amount. These

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