Posts Tagged ‘civil penalty’

What is the responsibility of non-owners for the Trust Fund penalty?

  • October 9th, 2019
  • David Greene
  • Comments Off on What is the responsibility of non-owners for the Trust Fund penalty?

The IRS can pursue any employee of a company if they determine that the person is a “Responsible Party” for the Trust Fund penalty. The trust fund portion of the payroll taxes is all of the federal taxes that are…

How does the IRS determine who owes the Trust Fund Penalty?

  • June 6th, 2019
  • David Greene
  • Comments Off on How does the IRS determine who owes the Trust Fund Penalty?

The Trust Fund Penalty (TFP) is not really a penalty but is instead a portion of the payroll taxes a company is required to collect from employees and pay to the IRS.  The employer withholds federal, social security and Medicare…

Can one designate voluntary payments from the sale of corporate assets to pay the trust fund portion of delinquent taxes?

  • February 14th, 2019
  • David Greene
  • Comments Off on Can one designate voluntary payments from the sale of corporate assets to pay the trust fund portion of delinquent taxes?

Thank you for your question.  The answer is, yes you can designate to which taxes the money you pay to the IRS will be applied as long as it is a “voluntary” payment and not one paid due to forced…

Office Location

11 McGee Street
Greenville, SC 29601

Phone: (864) 271-7940
Fax: (864) 370-3413
Toll Free: 1-800-216-1116