Trust Fund Recovery Penalty Archives - FREE Yourself from IRS Problems

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…

Shamsey Oloko May 8, 2017 FICA, Trust Fund Recovery Penalty 0

The Trust Fund Penalty – No One Is Safe

Employers are required to withhold federal income and payroll taxes from their employees’ wages for payment of payroll taxes such as federal income taxes and FICA (Federal Insurance Contributions Act) taxes. Such taxes are held in trust by an employer…

Shamsey Oloko March 20, 2017 FICA, Trust Fund Recovery Penalty 0

Fitzpatrick V. Commissioner & The Trust Fund Penalty – The Aggressive IRS Loses A Big Case

How aggressive is the IRS in enforcing and collecting Trust Fund Recovery Penalties? A case from the U.S. Tax Court case illustrates the aggressive nature of the IRS when using the trust fund recovery penalty (TFRP) to collect trust fund…