Posts Tagged ‘trust fund 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…

Can criminal charges be brought for not paying payroll taxes?

  • June 1st, 2016
  • David Greene
  • Comments Off on Can criminal charges be brought for not paying payroll taxes?

A business owner who has not paid the payroll taxes of his employees will usually have the trust fund penalty assessed against him, making him personally liable for the federal taxes withheld. Most trust fund cases are not criminal because…

What exactly is the Trust Fund Penalty?

  • February 23rd, 2016
  • David Greene
  • Comments Off on What exactly is the Trust Fund Penalty?

First let me clarify that the Trust Fund Penalty is not really a penalty added to tax owed but is a portion of the payroll taxes owed by a corporation. The Trust Fund Penalty only applies to corporations, not to…

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