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 Problem Resolution Archives - Page 5 of 6

What is Self-Employment Tax?

October 22, 2020 - Tax Problem Resolution

In our previous blog post, Employment Tax: What is it?, we covered what Employment Tax is and what the different kinds are, like FICA, FUTA, […]

What is Self-Employment Tax? Read Article

What is Employment Tax?

October 20, 2020 - Tax Problem Resolution

Hello and welcome to our new blog mini-series discussing all things Employment Tax! In this blog post, we’ll be getting back to the basics to

What is Employment Tax? Read Article

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

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

What SBA Loans Are Available Now?

July 12, 2020 - Tax Problem Resolution

SBA Loans: EDIL Now Accepting New Applications for Economic Injury Disaster Loans and Advance: On June 15, SBA If already applied, it is first come,

What SBA Loans Are Available Now? Read Article

The PPP Loan Forgiveness

July 10, 2020 - Tax Problem Resolution

1.How do you get PPP Loan Forgiveness? The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent,

The PPP Loan Forgiveness Read Article

Questions About The Stimulus Package

June 14, 2020 - Tax Problem Resolution

What is this eight-week formula everyone keeps talking about? The 8 week has now become 24 weeks, and it applies to all applicants The eight

Questions About The Stimulus Package Read Article

Can I get EIDL and PPP

June 12, 2020 - Tax Problem Resolution

Can I get an Economic Injury Disaster Loan (EIDL) and a Paycheck Protection Program Loan (PPP)? You could have as long as the expenses covered

Can I get EIDL and PPP Read Article

What Are Tax Relief Services?

May 30, 2020 - Tax Problem Resolution

When dealing with a less than ideal tax situation, it may become easy to feel in over your head. Tax relief services make it so

What Are Tax Relief Services? Read Article

What Is Bankruptcy?

May 28, 2020 - Tax Problem Resolution

Bankruptcy is the legal process for individuals and businesses who are unable to pay their debt. A judge or court will examine your or your

What Is Bankruptcy? Read Article

All About The Stimulus Check

May 7, 2020 - Tax Problem Resolution

All American Citizens and legal residents who filled a 2018 or 2019 tax return. They receive the money automatically without having to register or apply

All About The Stimulus Check Read Article

What Does The 2020 Stimulus Package Include?

April 26, 2020 - Tax Problem Resolution

For Individuals The stimulus check for all US Citizens and legal residents (Economic impact payment) Paid Sick Leave Student Loan help The additional help/ money

What Does The 2020 Stimulus Package Include? Read Article