The trust fund recovery penalty (TFRP) can be applied to any responsible person who willfully fails to collect or pay trust fund taxes. The penalty amount is equal to the total amount of the tax that was not paid, up to the full amount. This is why it is sometimes…
The trust fund recovery penalty (TFRP) is a 100% penalty on an employer’s failure to pay its trust fund taxes. The TFRP can be assessed against any person in the employer’s business who is (1) responsible for collecting, accounting for, and paying withheld employment taxes, and (2) who willfully fails…
The taxpayer may be subject to several different penalties. Failure to File If a taxpayer fails to file on the date the return should have been filed (determined with regard to any extension of time for filing) the taxpayer will be subject to a failure to file penalty unless it…
Do you owe 941 employment and payroll back taxes? The answer is: Yes the IRS take a lien out on property for payroll taxes. Under IRC §6321, the federal government can encumber property with a general tax lien. Generally, this lien can be used to encumber any property that the…
If you are contacted by the IRS, they usually send you a notice to call, or pay an unpaid tax amount. Most taxpayers are confused as to what the notice is for, or what does it really mean. This article will clarify the most common notices received by taxpayers needing…
Do you owe the IRS unpaid back taxes? Have they sent you many letters but you did not respond? There are still options. CDP – Collection due process. If the time to respond to an IRS collection notice has passed, you, the taxpayer, or your power of attorney / representative,…
No one really wants to get themselves into the situation of owing back taxes. Unfortunately, it happens; and it happens most often when people are going through a difficult time including facing unemployment, life and relationship changes, and even medical problems. The present state of the economy certainly isn’t making…
If you haven’t paid back taxes, penalties, or interest – you may be able to work with us to apply for an Offer in Compromise (OIC) with the IRS in order to get compliant, alleviate your issues with the IRS collectors, and move forward. An OIC is an agreement to…
Often, married taxpayers choose to file a joint tax return because of certain benefits this filing status allows. Unfortunately, there are times because of divorce, separation, or other circumstances that one spouse becomes liable for taxes, interest, or penalties due to improper filing or reporting of their partner. If you…
Backlog on Taxes? Get A CPA for Back Taxes Nothing can be more stressful and alarming to have found your name in the black book of the IRS. It can be a case where you owe money following an audit, or taxes due in the current year or the previous…