Is the IRS Trust Fund Recovery Penalty Severe? Yes, the IRS Trust Fund Recovery Penalty (TFRT) is often called the “100% penalty” because the penalty equals the amount of the payroll trust fund taxes owed, making this one of the most significant and most impactful penalties in the IRS arsenal. Internal Revenue Code section 6672(a) allows the IRS to…
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Many employers across the country are responsible for withholding certain taxes from employee compensation and sending those funds to the IRS. The IRS has the authority to issue liens, impose penalties, and even levy property, if you have not turned over the funds entrusted to you. If you have received a notice from the IRS…
Continue reading ›Unpaid payroll taxes are serious to the IRS and are some of the worst kinds of back taxes you can owe. If you’re a small business owner with a payroll tax problem, read on to learn what you can do to avoid the IRS crippling your business or shutting your business completely. Already in payroll…
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