Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.
How are you today?
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/
If you cannot immediately pay the 941 payments, then this penalty can be assessed.
I'm truly sorry.
You can read about the trust fund recovery penalty, HERE
However, according to IRM 18.104.22.168(8). “If, after the assertion of the TFRP, the corporation pays the delinquent tax, the TFRP assessment will be abated. IRM § 22.214.171.124.9(2), citing Policy Statement 5.14.
So if you pay these taxes, the penalty will be abated.
Do you have any further questions? If not, please reply and let me know if I have provided you with excellent service today
i dont have the answer
You did not receive my reply?
im not viewing a reply
Okay. Let me retype it out for you.
according to IRM 126.96.36.199(8). “If, after the assertion of the TFRP, the corporation pays the delinquent tax, the TFRP assessment will be abated. IRM § 188.8.131.52.9(2), citing Policy Statement 5.14.
So, if you can pay the taxes, then the penalty will be abated
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
So you have an agreement with the IRS to pay the trust fund and penalties?
the agreement is for the total amount of holdings owed which included the tfrp amount also
Okay if you have an agreement in place, then you can ignore the notice.
as long as i pay the agreement through the business i dont pay as an indivilual
That is correct. You as an individual are not responsible for the taxes, unless the business doesn't pay
thank you very much.
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
You're welcome. The rating feature is located along the bottom of your screen