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Whether you owe back payroll or trust fund taxes or you need to settle the tax debt, call us today for a free initial tax consultation and I can walk you through the process and answer all the questions you have.
We have over 206 years of professional tax experience in over 100 years of working directly for the Internal Revenue Service and the local, district, and regional tax offices of the IRS.
Help For Trust Fund Recovery Penalty + Unpaid Employer Payroll Taxes * former irs agents
I have worked thousands and thousands of cases.
As former IRS agents I have set up hundreds and hundreds of trust fund cases on corporations that went defunct or companies that required the trust fund penalty.We know the system inside and out and understand all the methodologies and all the defenses to get you successful results.
Those trust fund penalties are set up to those responsible individuals that the IRS deems had the responsibility to pay the back taxes. Discussion below regarding those deemed responsible.
There are a whole series of standards in common-law fact that the IRS checks before they set the trust fund penalty up against those responsible.
There are generally two types of taxpayers and fall in this category. Those that signed and agreed to the penalty and those who disagreed and need to file an appeal.
Both cases are work differently.
If you owe back taxes result of the trust fund penalty, IRS will require a financial statement to make a determination on how they will collect the back taxes. The tax treatment you will receive from the IRS and/or revenue officer will be as though you owe individual taxes.
Your current financial statement will reflect to IRS your collectibility.
As a result of IRS reviewing your current financial statement, you are generally going to have your case closed by Internal Revenue Service in one of three ways.
They will either place your case into:
1.a currently not collectible or hardship status,
2 IRS will ask for a monthly payment plan,
3. You may be able to settle your debt pennies on the dollar though the offer in compromise programs.
For those of you who do not agree with the trust fund penalty, you can file an 843 claim form to have your case reopened or to file an offer in compromise, doubt as to liability case.
If you do not know what to do need a free tax consultation call us today.
What is the Trust Fund Tax or the 6672 penalty.
A trust fund tax is money withheld from an employee’s wages (income tax, Social Security, and Medicare taxes) by an employer and held in trust until paid to the Treasury.
When you pay your employees, you do not pay them all the money they earned. As their employer, you have the added responsibility of withholding taxes from their paychecks.
The income tax and employees’ share of FICA (Social Security and Medicare) that you withhold from your employees’ paychecks are part of their wages you pay to the Treasury instead of to your employees.
Your employees trust that you pay the withholding to the Treasury by making Federal Tax Deposits (FTD) (PDF). That is why they are called trust fund taxes.
Through this withholding, your employees pay their contributions toward retirement benefits (Social Security and Medicare) and the income taxes reported on their tax returns.
Your employees’ trust fund taxes, along with your matching share of FICA, are paid to the Treasury through the Federal Tax Deposit System.
For additional information, refer to Employment Taxes and the Trust Fund Recovery Penalty (TFRP).
Employment tax deposits are a current expense. Congress has established large penalties for delays in turning over your employment taxes to the Treasury.
So whether you owe trust fund taxes, back payroll taxes or need to file an appeal call us today and we can walk you through the process for free initial tax consultation. When you do you will speak to true IRS tax experts.
Unpaid Trust Fund Taxes + Unpaid Back Payroll Taxes Help , Relief *former irs agents