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.

tax resolution Archives - Bullseye Tax Relief

Employment Taxes Amid COVID – Part 3

June 8, 2021 - Employment Tax Resolution

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 […]

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Employment Taxes Amid COVID – Part 2

June 1, 2021 - Tax Problem Resolution

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,

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Challenging an IRS Collection Action

May 17, 2021 - Tax Problem Resolution

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

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Why Is a Statute of Limitations Important?

May 14, 2021 - Tax Problem Resolution

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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Tax Resolution Services: Offer in Compromise Requirements

November 29, 2020 - Tax Problem Resolution

There are many different options when it comes to Tax Resolution Services, but which one is best for your situation depends on certain specifics and

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Tax Problem Resolution Specialists, Bullseye Tax Relief, Launch New Webpages

September 20, 2020 - Tax Problem Resolution

Bullseye Tax Relief, located in Northridge, CA, but offering their IRS tax resolutions services nationwide, has announced several new web pages on their site. These

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