Tax Debt Relief Is Available From Our IRS Tax Debt Attorney
Employment Taxes and the Trust Fund Recovery Penalty (TFRP)
If you have fallen behind paying your employee tax withholdings you should be aware of the Trust Fund Recovery Penalty (TFRP) provisions. An IRS tax debt attorney can be of assistance for IRS tax help relating to employment tax issues.
Employee tax withholdings are called “tax fund taxes” because the business or non-profit basically holds the taxes “in trust” until the payroll taxes are paid to the government. The Trust Fund Recovery Penalty (TFRP) provisions may apply to any organization that does not remit the taxes payable when they are due.
Holding Others Responsible (personal liability)
- The IRS can hold individuals personally responsible
- The person responsible for collection and payment but willfully fails to collect or pay the payroll taxes
- This can include employees, officers, directors or shareholders
Paying Other Creditors and not the IRS is considered a willful act thus subjecting the offending person to personal liability for the unpaid payroll taxes.
If you are, or believe you will be subject to Trust Fund Recovery Penalty (TFRP) action, we recommend that you immediately consult an experienced IRS tax debt attorney.
In addition penalties can be assessed for the unpaid balance of the trust fund tax. You need to take immediate action as the IRS can and will file a federal tax lien or take levy or asset seizure action.
There is tax debt relief in the form of appeal rights but prompt attention to this serious issue is highly recommended.
Under the Trust Fund Recovery Penalty (TFRP) provisions you could be personally held liable for unpaid payroll taxes. Our IRS tax debt attorney can provide timely tax debt relief counsel. Please contact us today at 626-440-9518 for a free 15 minute phone consultation about your options.