Trust Fund Recovery Penalty [For Payroll Tax Debt] Explained by a CPA

Описание: If you owe back payroll taxes or the Trust Fund Recovery Penalty to the IRS, call 866-8000-TAX or visit https://choicetaxrelief.com/free-tax-... to book your FREE tax relief consultation!

The Trust Fund Recovery Penalty is the assessment against an individual whom the IRS considers to be a "responsible person" who "willfully" failed to collect or remit certain kinds of payroll taxes called "trust fund" taxes. The assessment is generally equal to the amount of the unpaid trust fund taxes, plus interest. In this video, I discuss what is the Trust Fund Recovery Penalty, what are "trust fund" taxes, why the Trust Fund Recovery can be so scary and daunting, how to contest the Trust Fund Recovery Penalty, and what to do if the IRS has assessed the Trust Fund Recovery Penalty against you.

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Table of Contents:
0:00 What Is the Trust Fund Recovery Penalty?
0:29 What I'm Going to Talk About
1:58 Trust Fund vs. Non-Trust-Fund Payroll Taxes
4:26 Why the IRS Takes Trust Fund Payroll Taxes So Seriously
6:40 Distinction Between the Payroll Tax Debt and the Trust Fund Recovery Penalty
7:31 Why the Trust Fund Recovery Penalty Is So Scary and Daunting
10:11 How Much Is the Trust Fund Recovery Penalty?
10:32 Who Can Be Assessed the Trust Fund Recovery Penalty? [Responsible Person]
11:53 The IRS Is Extremely Aggressive When Making Responsible Person Determinations
14:30 What Does It Mean to Be "Responsible"?
15:20 Example of a Bookkeeper With Signature Authority on the Corporate Bank Account
18:02 What Does It Mean to Be "Willful"?
20:25 Can a Sole Proprietor Be Assessed the Trust Fund Recovery Penalty?
21:38 How Does the IRS Assess the Trust Fund Recovery Penalty?
22:18 FTD (Federal Tax Deposit) Alert Program and Revenue Officer Contact
25:02 Trust Fund Penalty Interview (Form 4180 Interview)
27:54 Letter 1153 (Appeal With 60 Days)
28:44 Kazmi v. Commissioner
31:38 What Should You Do If the IRS Has Assessed the Trust Fund Recovery Penalty Against You?

#payroll #businesstaxes #taxdebt