Trust Fund Recovery PenaltyMTX possess the precise expertise in tax resolution and possess lincese to practice taxation before the IRS
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Trust fund recovery penalty: How much time does the IRS have to assess it?
It can be tempting to use payroll tax withholdings as a source of operating capital for your business, especially in troubled times. But this is dangerous – the IRS can penalize anyone in your business who took part in this decision with personal liabilty for the unpaid taxes.
This is known as the trust fund recovery penalty. The amount of the penalty is equal to the amount of money deducted from employees paychecks but not paid to the IRS.
But there are time limitations on the IRS pursuit of the trust fund recovery penalty. If the IRS does not assign a Revenue Officer to your case and investigate you in a timely manner, they lose the right to do so.
If your business has failed to pay your payroll taxes, the IRS can hold you liable for the Trust Fund Recovery Penalty. If you have received a proposed assessment of a Trust Fund Penalty from the IRS, you only have 60 days to protest the assessment. Without taking another step, call us right away so we can protect your personal finances and the security of your future financial condition and business ventures.
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