As hard to believe as it may be, we are now in yet another year and here’s to hoping that 2022 will be significantly better than the last previous years, but we digress. What we’re here to talk about today is IRS TFRP help, or trust fund recovery penalty help, as it is better known.
With tax season coming up fast, our thoughts will soon be turning to our books and accounts, as we look to get all of our taxes in order so as to appease the wrath of the tax man.
If you’re a small business owner, you will likely already be aware that employment 941 payroll trust fund taxes can cause monumental headaches. When money is held ‘in trust’ it has to be paid to the Treasury on a weekly, semi-weekly or monthly schedule. This is all well and good, but should a business use these funds for any other purposes, I.E for paying rent or utilities, problems with the IRS could potentially arise.
It doesn’t matter whether this money was “borrowed” in good faith at all, if the money isn’t returned, the IRS can actually slap you with the trust fund recovery penalties portion and hit you with employment 941 payroll business back taxes personally.
Get tax help today by calling us at 1-877-78-TAXES [1-877-788-2937].
Our tax representation firm is in Whittier, Los Angeles, CA but serves taxpayers in all 50 states.