The IRS is very tough on the Trust Fund Tax Penalty. They will make all parties involved in a corporation responsible if they are given the opportunity. Do not let them do this to you. Fight back!!!!
If this tax is assessed against you, IRS will follow this up with tax enforcement action. Stop IRS in their tracks right now.
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What is the trust fund tax:
A trust fund tax is money withheld from an employee’s wages (income tax, social security, and Medicare taxes) by an employer and held in trust until paid to the Internal Revenue Service. The IRS calls this the trust fund tax because it is money that was supposed to be held in trust for the IRS.
As their employer, you have the responsibility of withholding taxes from their paychecks and holding that money and sending it to the IRS . The income tax and employees’ share of FICA (social security and Medicare) that you withhold from your employees’ paychecks are part of their wages you pay to the IRS in the form of the federal tax deposit instead of to your employees. both IRS and your employees trust that you pay the withholding to the IRS by making Federal Tax Deposits. IRS is very tough on companies that do not by the IRS on a timely basis.
Through this withholding, your employees pay their contributions toward retirement benefits (social security and Medicare) and the income taxes reported on their tax returns. Your employees’ trust fund taxes, along with your matching share of FICA, are paid to the Treasury through the Federal Tax Deposit System. The withheld part of these taxes is your employees’ money, and the matching portion is their retirement benefit.
Once IRS makes a decision to pursue you, the IRS will send out a 1153 letter informing you that they are purposing a trust fund penalty against you. You have a window of 60 days to appeal this tax assessment. Do not let this 30 days go back without a tax appeal on the Trust Fund Penalty Case.
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