Can the payroll clerk be charged for the Trust Fund Penalty?
- August 2nd, 2023
- David Greene
- Comments Off on Can the payroll clerk be charged for the Trust Fund Penalty?
Yes, the IRS can pursue a payroll clerk as a “Responsible Party” for the Trust Fund penalty. I am quite sure that the owners and/or managers of the company would also be contacted and found to be responsible. They probably…
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…