TRUST FUND RECOVERY PENALTIES
Trust fund recovery penalties. We often receive calls from business owners who have severe payroll tax debts and they have seen commercials on TV that tout getting a reduction on the amount of tax they owe. Tax Resolution Services who understand that when it comes to payroll tax debt, the IRS has a much more aggressive posture than normal personal income tax debt, we often have to explain that depending upon how severe the debt is, and the circumstances of how the debt came to be, the closure of the business may be an issue. And that closure may not be from the IRS simply closing the doors but demanding the money in a way that makes the operation of the business going forward impossible. Trust fund recovery penalties.
So what do you do ? First and foremost you don’t send the wrong signal to the IRS Agent who will contact you. Often, business owners who think they know what to do, do exactly that, and they send the wrong signal, and like a knee jerk reaction the IRS goes into collection mode. It’s best to have a well seasoned Tax Professional who has decades of Tax Resolution experience to show in this complicated area of taxation.
Employees who have the ability to write checks paying the payroll taxes of the Corporation, Officers and Shareholders can be held Personally Liable for a corporations non-compliance in paying payroll taxes. The IRS will determine who was “willful and responsible” by eventually having a non-assertion interview to determine who is responsible for the tax. They can then go after the personal assets of those they deem responsible. Trust fund recovery penalties.
We have dealt with numerous business owners over the last 34 years who were caught in the cross hairs of the IRS, and were able to prevent the assessment of the Trust Fund penalty. In many instances, it was what save the business from going under. That is our number one goal in dealing with Business owners with these issues, keeping the business alive and well. We can certainly look at options for reductions in the tax, but job number one is making sure these issues don’t overwhelm the business. We had a client that owed $7,500,000 in payroll tax and paid $0. That’s an extreme case, but it did happen. If we can do that for that client, imagine what we can do for you. Trust fund experts.
Whether you might qualify for the IRS Fresh Start Program or any other Tax Relief option in these situations really depends upon the tax owed, and the particulars of the situation. But the best thing you can do, is to have a Qualified, Seasoned Tax Expert who has decades of experience in this area of taxation, so they can lay out every option available to you in the Internal Revenue Code. That is the only way to make the right financial choice for your business, your family, your relationships, your life. We are experts a 940 and 941 tax issues with decades of experience under our belts. Call today for a Free Tax Consultation. We are the Fourth Oldest Tax Resolution firm in America and have been in continuous operation for 36 years Nationwide. Call today. 1-888-689-7861.