When an employer withholds money from an employee’s wages it is a trust fund tax. The employer is supposed to forward this money to the Treasury through the Federal Tax Deposit System when due along with the business’s additional contributions. When an employer fails to make these payments to the Trust Fund is when personal assessments can happen.
Individual taxpayers will receive an IRS notice informing them of the situation and that is the ideal time to hire professional tax representation from Protaxion. If you have recently received a letter regarding the Trust Fund Recovery Penalty, contact a Protaxion Tax Consultant immediately.
Employers withhold money from their employees’ paychecks for Federal income tax, and retirement contributions (FICA – Medicare and Social Security) and they are supposed to pay this to the U.S. Treasury. Employees expect, or trust, that their employer pays their portion of the taxes along with the employers matching contributions by making Federal Tax Deposits (FTD). This is why it is referred to as “Trust Fund Taxes.” It is critical that as soon as you encounter any IRS notice mentioning a personal assessment or Trust Fund Recovery Penalty that you contact Protaxion so that we can help.
Have you already been assessed a Civil Penalty because of a business failing to pay the Trust Fund? Protaxion may still be able to get the assessment reversed using techniques such as tax penalty abatement or an Offer in Compromise technique known as Doubt as to Liability. You should contact a Protaxion Tax Consultant immediately for help if you have already been assessed a tax penalty.
Call +1 833-776-8291 or Click HERE!
LET’S GET STARTED!
Having a team of dedicated tax professionals on your side is a powerful position to be in when managing a tax matter with the IRS, and we look forward to helping to put you in a winning position to succeed.
REQUEST A FREE CONSULTATION
*By submitting your information, you are agreeing in our Terms & Conditions