Trust Fund Recovery Penalty
51What is the Trust Fund Recovery Penalty? This is the penalty calculated for Trust funds that are not paid. What are Trust funds? Trust fund is money withheld from an employee's paycheck. This amount includes the federal income tax, FICA, and Medicare and is considered held in trust until you make a federal tax deposit.
Who pays the funds? The IRS states it's the person who has the duty to perform and the ability to supervise the collecting, accounting, and depositing of trust funds. This individual may be an employee or officer of a corporation, an employee or member of a partnership, a corporate director or shareholder, a member of a board of trustees of a nonprofit organization, or any individual who has the authority and control to direct the disbursement of funds.
Anyone liable for the collection and payment of trust funds and knowingly doesn't do so is imposed with this penalty. An IRS agent may do interviews of those in the company to pinpoint who is responsible. He will be finding out who made financial decisions, had authorization to sign company checks, who had the ability to pay the company�s bills, and did the tax reporting. This person who's deemed liable may actually turn out to be multiple people who are jointly liable for the whole amount of the penalty. The penalty is not divided equally; each individual owes the entire amount until the bill is paid in full. If you turn out to be one of these individuals, you have to know your rights. Examine if the right amount was assessed. The unpaid amount of the trust fund debt and the penalties should be equal. You may qualify for an installment agreement or Offer in Compromise so check it out.
The numerous factors of the Trust Fund Recovery Penalty can be easier with the help of our firm. We can provide assistance through the appeal process so you can evaluate all the possibilities.
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