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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
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I am aware of the penalty. That is not my question, since

Customer Question

I am aware of the penalty. That is not my question, since the trustee has agreed to pay the penalty. My question is: What IR Code or IR regulation states that she does not have to pay the ACTUAL TAX from her own personal funds /
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

PLEASE go back to the original question thread.

...

You continue to ask these additional question as different questions

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The answer to your question is, again, remember that the penalty itself is the amount that should have been withheld ... IF the withholding WAS done then there are funds there, in the trust, to pay WITH ... and the entity ITSELF always pays the other half.

Expert:  Lane replied 1 year ago.

The Sec. 6672(a) penalty amount IS the amount that was (or should have been) withheld ... this CONSTRUCTIVE trust is created when employee funds were withheld and then never paid in.

Expert:  Lane replied 1 year ago.

Remember the the TFRP equals the amount of money the employer withheld from employees’ wages (e.g., Social Security, Medicare, and income taxes) that was not remitted to the IRS.