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               DANIEL CULLINANE CPA                                                              Phone:          732-516-1648

                           Certified Public Accountants                                                                                        FAX               732-516-9778

                               328 Amboy Ave, Metuchen NJ   08840                                                              

                                                                                                                                     


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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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