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 7 of 9 - Bullseye Tax Relief

Partial Payment Installment Agreement vs. Offer in Compromise – What are the differences?

December 5, 2020 - Tax Problem Resolution

In our previous blog post, Tax Resolution Services: Partial Payment Installment Agreement, we introduced the Partial Payment Installment Agreement and discussed one of its main […]

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Partial Payment Installment Agreement – What is it?

December 2, 2020 - Tax Problem Resolution

There are a variety of tax resolutions services that each have their own advantages and disadvantages, as well as requirements. In our first blog post

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Tax Resolution Services: Offer in Compromise

November 30, 2020 - Tax Problem Resolution

As we discuss in our previous blog posts in the Tax Resolution Services series, there are a variety of tax resolution services available to individuals

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Tax Resolution Services: Offer in Compromise Requirements

November 29, 2020 - Tax Problem Resolution

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Rush Tax Relief – When do you need it?

November 26, 2020 - Tax Problem Resolution

Certain situations can necessitate Rush Tax Relief Solutions. Whether it’s a recently received letter or notice from the IRS, or they’ve begun collection activities, like

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Rush Tax Resolution Services – What are they?

November 24, 2020 - Tax Problem Resolution

If you’ve recently received a letter or a notice from the IRS, you typically have a limited amount of time to act before the situation

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Tax Resolution Options

November 22, 2020 - Tax Problem Resolution

In our previous post, Tax Resolution: What is It?, we kicked off our newest mini-series discussing the subject of Tax Resolution. Unfortunately, tax resolution and

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What is Tax Resolution?

November 19, 2020 - Tax Problem Resolution

Hello and welcome to our newest blog series focused on everything you need to know about Tax Resolution. In our previous mini-series, we discussed Employment

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