Trust Fund Recovery Penalty Archives - FREE Yourself from IRS Problems

Shamsey Oloko January 24, 2025 401k, Civil Liabilities, Collection Activities, Federal Tax Liens & Levies, Income, Income Exclusions, Income Tax, Income Tax Return, IRA, Levies & Liens, Retirement Accounts, Roth IRA, Roth Thrift Savings Plan, Trust Fund Recovery Penalty 0

Can the IRS Take Your 401(k) For Taxes Owed?

Many people who owe back taxes wonder how far the IRS can go. Some fear that the government might take funds from a retirement plan, such as a 401(k), to cover unpaid debts. These worries can grow when you receive…

Shamsey Oloko January 20, 2025 Appeals, Audit, Civil Penalties, Collection Activities, Financial Statements, Income Tax, Interest Income, New York Income Tax, New York Property Tax, New York State Corporate Tax, New York State Tax, Tax Abatement, Trust Fund Recovery Penalty 0

Penalty Abatements Policies – First Time and Recurring

Many taxpayers feel uneasy when they open a letter from the IRS and see that they owe penalties. The good news is that the IRS offers opportunities to remove or reduce penalties in certain cases. If you have received a…

Shamsey Oloko May 10, 2017 FICA, IRC Section 6672, Trust Fund Recovery Penalty 0

Who Qualifies As A Responsible Person To Pay A Trust Fund Penalty?

The IRS utilizes a very broad definition of “responsible person” in the context of trust fund recovery penalties. The term, which may extend to more than one party within a corporation, partnership or LLC, applies to any person who willfully fails to…