Trust Fund Recovery PEnalty Archives - John R. Dundon II, Enrolled Agent
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Trust Fund Recovery PEnalty Tag

12 Mar

Posted at 00:00h in Employment Tax, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Penalty and Interest Abatement, Tax Guidance & Preparation, Trust Fund Recovery Penalty

Here are 5 things I learned through experience regarding TFRP: 1. An IRS Revenue Officer makes a determination to "assess" or "not assess" the Trust Fund Recovery Penalty (TFRP). Bankruptcy does not stop the Assessment Statute even though it can stop the Collection effort. One of...

22 Jun

Posted at 00:00h in Employment Tax, IRS Penalties, IRS Penalty and Interest Abatement, Payroll Tax Problems, Self Employ, Small Business, Social Security Tax, Sole Proprietor, Sub-chapter S, Tax Abuse, Trust Fund Recovery Penalty

Shareholder Timothy McCloskey was assessed a trust fund penalty due to an unfortunate problem he had with his trusted bookkeeper and chief financial officer, Kathleen Lawson. On September 1, 2004, Kathleen left Timothy an apologetic letter of resignation. Upon reading it, Timothy knew that she...

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