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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 14033
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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IM A BUSINESS AND I HAVE AN AGREEMENT IN PLACE TO PAY BACK

Resolved Question:

IM A BUSINESS AND I HAVE AN AGREEMENT IN PLACE TO PAY BACK 941 WITHHOLDINGS. I HAVE A NOTICE FOR THE TRUST FUND RECOVERY PENALITY TO BE PAID BY ME. DOES THIS HAVE TO BE PAID BY ME NOW OR ONLY IF THE BUSINESS DOES NOT COMPLETE THE AGREEMENT?
Submitted: 11 months ago.
Category: Tax
Expert:  Megan C replied 11 months ago.

Megan C :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Megan C :

How are you today?

Megan C :

I hate to be the bearer of bad news, but the trust fund recovery penalty must be paid, unless you can immediately pay back the withholdings/

Megan C :

If you cannot immediately pay the 941 payments, then this penalty can be assessed.

Megan C :

I'm truly sorry.

Megan C :

You can read about the trust fund recovery penalty, HERE

Megan C :

However, according to IRM 5.7.3.1(8). “If, after the assertion of the TFRP, the corporation pays the delinquent tax, the TFRP assessment will be abated. IRM § 5.17.7.1.9(2), citing Policy Statement 5.14.





12:05 PM



So if you pay these taxes, the penalty will be abated.



Megan C :

Do you have any further questions? If not, please reply and let me know if I have provided you with excellent service today

Customer:

i dont have the answer

Megan C :

You did not receive my reply?

Customer:

im not viewing a reply

Megan C :

Okay. Let me retype it out for you.

Customer:

ok

Megan C :

according to IRM 5.7.3.1(8). “If, after the assertion of the TFRP, the corporation pays the delinquent tax, the TFRP assessment will be abated. IRM § 5.17.7.1.9(2), citing Policy Statement 5.14.

Megan C :

So, if you can pay the taxes, then the penalty will be abated

Customer:

i received a bill for the truct fund amount that says it must be paid ny me by monday even thou the amount of the tfrp is in the agreement do i just ignore

Megan C :

So you have an agreement with the IRS to pay the trust fund and penalties?

Customer:

the agreement is for the total amount of holdings owed which included the tfrp amount also

Megan C :

Okay if you have an agreement in place, then you can ignore the notice.

Customer:

as long as i pay the agreement through the business i dont pay as an indivilual

Megan C :

That is correct. You as an individual are not responsible for the taxes, unless the business doesn't pay

Customer:

thank you very much.

Megan C :

You're welcome.

Megan C :

Is there anything else that I can assist you with today? If not, please rate my response as "excellent" so that I may receive credit for assisting you today

Customer:

ok thanks

Megan C :

You're welcome. The rating feature is located along the bottom of your screen

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 14033
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 2 other Tax Specialists are ready to help you
Expert:  Megan C replied 11 months ago.
Thanks, Dennis for your positive rating. Please come back and visit me any time you have a tax, finance, or social security needs. It was a pleasure working with you today.

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