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.

Blog - Page 5 of 9 - Bullseye Tax Relief

Payroll Tax Due Dates: March and Quarterly

January 29, 2021 - Employment Tax Resolution

If you’re a small business owner looking for more information about payroll taxes, then you’re in the right place! We, here at Bullseye Tax Relief, […]

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Payroll Tax Due Dates: February

January 27, 2021 - Employment Tax Resolution

Hello and welcome to the Bullseye Tax Relief blog series discussing payroll taxes! If you own and operate a small business with employees, then you’ve

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Payroll Tax Due Dates: January

January 25, 2021 - Employment Tax Resolution

In our recent blog posts, we’ve been discussing payroll taxes. In our first post in the series, Tax Resolution for Businesses: Payroll Tax, we covered

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Tax Resolution for Businesses: Payroll Tax Special Reporting

January 22, 2021 - Employment Tax Resolution

Hello and welcome to our blog post series about payroll taxes and tax resolution for small businesses! If this is your first visit to the

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Tax Resolution for Businesses: Payroll Tax Reporting

January 20, 2021 - Employment Tax Resolution

Payroll taxes, also known as employment taxes, are just one out of a thousand different things a business owner has to keep in mind while

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Tax Resolution for Businesses: Payroll Taxes

January 18, 2021 - Employment Tax Resolution

Running a small business isn’t easy. Just between getting new customers, paying your employees and getting a quality job done, a person can easily have

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Rush Tax Relief – Trust Fund Penalty Assessment Interview

January 15, 2021 - Tax Problem Resolution

In our recent blog posts like Rush Tax Relief – Trust Fund Penalty and Rush Tax Relief – Trust Fund Penalty Responsibility, we’ve been discussing

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Rush Tax Relief – Trust Fund Penalty Responsibility

January 13, 2021 - Tax Problem Resolution

If the IRS finds out that, for any reason, your business, or the business you work for, has not been making proper, timely payments in

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Rush Tax Relief – Trust Fund Penalty Assessment

January 11, 2021 - Tax Problem Resolution

As of Dec. 24, 2020, on their Trust Fund Taxes Page, the IRS states that “a trust fund tax is money withheld from an employee’s

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Rush Tax Relief – Trust Fund Penalty

January 8, 2021 - Tax Problem Resolution

In this series, we’ll discuss the Trust Fund Penalty, Assessment and the TFP Assessment Interview, also known as the 4180 Interview. As we mentioned in

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