IRS Trust Fund Tax- Learn what it is – IRS Tax Expert- “A” Rated BBB

by steve | Dec 27, 2010 | IRS Tax Advice

Fresh Start Tax 1-866-700-1040     A National Tax Practice       “A” Rated by the BBB

We can help with all your IRS matters including any potential trust fund tax. We are former IRS Agents and Managers.

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 Treasury.

When you pay your employees, you do not pay them all the money they earned. As their employer, you have the added responsibility of withholding taxes from their paychecks. 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 Treasury instead of to your employees. Your employees trust that you pay the withholding to the Treasury by making Federal Tax Deposits (PDF). That is why they are called trust fund taxes.

If IRS is looking to make you a responsible officer, fight this and appeal this nightmare of a tax assessment.

Our Company Resume:

• Our staff has over 135 years of professional tax representation experience collectively
  
• On staff, Board Certified Tax Attorney’s, Certified Public Accountants, Enrolled Agents,
  
• Former IRS Managers, Instructors and Trainers
• Highest Rating by the Better Business Bureau “A”
  
• Extremely ethical and moral
  
• Fast, affordable, and economical
• Licensed to practice in all 50 States
• Premium on client communication
• Nationally Recognized Veteran Former IRS Agent
• Nationally Recognized Published Tax Expert

IRS Trust Fund Tax- Railroad Retirement Taxes- Professional Tax Help “A” Rated

by steve | Dec 27, 2010 | IRS Tax Advice

Fresh Start Tax 1-866-700-1040      A Professional Tax Firm      “A” Rated BBB

If the IRS is trying to set you up a responsible officer for the trust fund tax call us today to fight this tax assessment. We are former IRS Agents and Managers of the IRS.

Employment Taxes,Railroad Retirement Taxes and the Trust Fund Recovery Penalty

To encourage prompt payment of withheld income and employment taxes, including social security taxes, railroad retirement taxes, or collected excise taxes, Congress passed a law that provides for the TFRP. These taxes are called trust fund taxes because you actually hold the employee’s money in trust until you make a federal tax deposit in that amount. The TFRP may apply to you if these unpaid trust fund taxes cannot be immediately collected from the business. The business does not have to have stopped operating in order for the TFRP to be assessed.

Who Can Be Responsible for the TFRP

The TFRP may be assessed against any person who:

1. is responsible for collecting or paying withheld income and employment taxes, or for paying collected excise taxes, and
2. willfully fails to collect or pay them.

A responsible person is a person or group of people who has the duty to perform and the power to direct the collecting, accounting, and paying of trust fund taxes. This person may be:

* an officer or an employee of a corporation,
* a member or employee of a partnership,
* a corporate director or shareholder,
* a member of a board of trustees of a nonprofit organization,
* another person with authority and control over funds to direct their disbursement

For willfulness to exist, the responsible person:

* must have been, or should have been, aware of the outstanding taxes and
* either intentionally disregarded the law or was plainly indifferent to its requirements (no evil intent or bad motive is required).

Using available funds to pay other creditors when the business is unable to pay the employment taxes is an indication of willfulness.

You may be asked to complete an interview in order to determine the full scope of your duties and responsibilities. Responsibility is based on whether an individual exercised independent judgment with respect to the financial affairs of the business. An employee is not a responsible person if the employee’s function was solely to pay the bills as directed by a superior, rather than to determine which creditors would or would not be paid. Notice 784, Could You Be Person.

How to figure out the Trust Fund Recovery Penalty- IRS Tax Experts- “A” Rated

by steve | Dec 27, 2010 | IRS Tax Advice

Fresh Start Tax 1-866-700-1040   A Professional Tax Firm   “A” Rated by the BBB

How to figure out the Trust Fund Recovery Penalty Amount

The amount of the penalty is equal to the unpaid balance of the trust fund tax. The penalty is computed based on:

1. The unpaid income taxes withheld, plus
2. The employee’s portion of the withheld FICA taxes.

For collected taxes, the penalty is based on the unpaid amount of collected excise taxes.

Assessing the TFRP

If we determine that you are a responsible person, we will provide you a letter stating that we plan to assess the TFRP against you. You have 60 days (75 days if this letter is addressed to you outside the United States) from the date of this letter to appeal our proposal. The letter will explain your appeal rights. Refer to Publication 5 (PDF), Your Appeal Rights and How to Prepare a Protest if You Don’t Agree, for a clear outline of the appeals process. If you do not respond to our letter, we will assess the penalty against you and send you a Notice and Demand for Payment.

Caution:
Once we assert the penalty, we can take collection action against your personal assets. For instance, we can file a federal tax lien or take levy or seizure action.
Avoiding the TFRP

IRS Trust Fund Taxes, Payroll Tax Debt , Owe Back IRS Taxes = Tampa, Orlando, St. Petersburg – Former IRS, “A+” Rated Tax Professional Tax

by steve | Dec 27, 2010 | IRS Tax Advice

Fresh Start Tax 1-866-700-1040      A Professional Tax Firm      “A+” Rated by the BBB, Former IRS,  AFFORDABLE

We are composed of former IRS agents managers and tax instructors with over 60 years of working directly for Internal Revenue Service in the local, district, and regional tax offices of the Internal Revenue Service.

If you owe back IRS taxes, trust fund tax rate payroll tax debt call us today for free initial tax consultation and hear the truth about your IRS tax debt.

We’ve been practicing since 1982 are A+ rated by the Better Business Bureau

Do not let the IRS hold you responsible for Trust Fund Tax.

Let us fight this tax assessment. We were former IRS Agents who use to teach this while working at the IRS. Let us fight this for you.

Let us file this appeal today. Call us for a free consultation.

Employment Taxes and the Trust Fund Recovery Penalty

The IRS encourages prompt payment of withheld income and employment taxes, including social security taxes, railroad retirement taxes, or collected excise taxes, Congress passed a law that provides for the TFRP.

These taxes are called trust fund taxes because you actually hold the employee’s money in trust until you make a federal tax deposit in that amount.

The TFRP may apply to you if these unpaid trust fund taxes cannot be immediately collected from the business. The business does not have to have stopped operating in order for the TFRP to be assessed.

The IRS can hold you responsible for the trust fund penalty if you were:

1. responsible for collecting or paying withheld income and employment taxes, or for paying collected excise taxes, and
2. willfully fails to collect or pay them.

A responsible person is a person or group of people who has the duty to perform and the power to direct the collecting, accounting, and paying of trust fund taxes. This person may be:

1. an officer or an employee of a corporation,
2 .a member or employee of a partnership,
3. a corporate director or shareholder,
4 .a member of a board of trustees of a nonprofit organization,
5. another person with authority and control over funds to direct their disbursement, or

For wilfulness to exist, the responsible person:

1.must have been, or should have been, aware of the outstanding taxes and
2. either intentionally disregarded the law or was plainly indifferent to its requirements (no evil intent or bad motive is required).

Using available funds to pay other creditors when the business is unable to pay the employment taxes is an indication of wilfulness.

You may be asked to complete an interview in order to determine the full scope of your duties and responsibilities. Responsibility is based on whether an individual exercised independent judgment with respect to the financial affairs of the business.

An employee is not a responsible person if the employee’s function was solely to pay the bills as directed by a superior, rather than to determine which creditors would or would not be paid. Notice 784, Could You Be Personally Liable for Certain Unpaid Federal Taxes, contains additional information regarding the TFRP.

Our Company Resume:

• Our staff has over 135 years of professional tax representation experience collectively
• On staff, Board Certified Tax Attorney’s, Certified Public Accountants, Enrolled Agents,
• Former IRS Managers, Instructors and Trainers
• Highest Rating by the Better Business Bureau “A”
• Extremely ethical and moral
• Fast, affordable, and economical
• Licensed to practice in all 50 States
• Premium on client communication
• Nationally Recognized Veteran Former IRS Agent
• Nationally Recognized Published Tax Expert

Affordable IRS Tax Debt Relief, IRS Problems, Tax Levy, Tax Liens, IRS Audits, Settle Debt – Orlando, Tampa, St. Petersburg

by steve | Dec 27, 2010 | IRS Tax Advice

Fresh Start Tax    1-866-700-1040     A Florida Professional Tax Firm    “A+” Rated by the BBB

We are a local Florida firm that specializes in IRS tax debt relief.

We can resolve any IRS problem and release a federal tax levy within 24 hours of receiving your current financial statement, talk to you about the release of your federal tax lien and represent you for an IRS tax audit.

We are a full-service firm specializing in IRS tax help problems.

Our former IRS agents have over 60 years of working directly for Internal Revenue Service and the local, distro, and regional tax offices of IRS.

 
Fresh Start Tax is one of the premier tax resolution firms in the country. We deal with all types of civil cases including individuals, businesses, non-profits, partnerships and corporations. We have staff that specialize in every facet of IRS representation..

We know all the IRS tax strategies because of our extensive IRS working backgrounds.

Some of our many specialties include the following:

• Immediate Tax Representation
• Offers in Compromise/Settlements
• Immediate Release of Bank Garnishments or Wage Levies
• IRS Notices/Bill of Intent to Levy or Final Notices
• IRS Tax Audits, Large and Small Dollar
• Hardships Cases, Payment Plans, Installment Agreements
• Innocent Spouse Relief
• Abatement of Penalties and Interest
• State Sales Tax Cases
• Trust Fund Penalty Cases/6672
• Non-filers, never filed, old and past due tax returns

Our Company Resume:

• Our staff has over 135 years of professional tax representation experience collectively
• On staff, Board Certified Tax Attorney’s, Certified Public Accountants, Enrolled Agents,
• Former IRS Managers, Instructors and Trainers
• Highest Rating by the Better Business Bureau “A”
• Extremely ethical and moral
• Fast, affordable, and economical
• Licensed to practice in all 50 States
• Premium on client communication
• Nationally Recognized Veteran Former IRS Agent
• Nationally Recognized Published Tax Expert