GOAL IS SMOOTH
Certified Public Accountants FAX 732-516-9778
328 Amboy Ave, Metuchen NJ 08840
Payroll taxes penalties are much more severe than income taxes. One of the nastiest taxes currently imposed in the United States is the Trust Fund Penalty Recovery Tax. To encourage prompt payment of withheld income and employment taxes Congress passed a law that provides for the Trust Fund Recovery Penalty. These taxes called trust fund taxes because you actually hold the employee's money until you make the federal tax deposit in that amount. The TFRP may apply to you if these taxes cannot immediately be collected from the business. This tax provision allows the Internal Revenue Service to pierce Corporate and LLC shelters and personally assess individuals if their companies remit the federal withholding taxes. The tax is often called the 100% Penalty Tax because the tax is 100% of the amount owed The TFRP may be assessed against any person who is responsible for collecting or paying withheld income and employment taxes.
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