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IRS Trust Fund Recovery Penalty

 

In Atlanta, Georgia, unpaid trust fund taxes can set you up for serious punishments. In most cases, people who are found guilty of this crime are penalized with 100% of the owed trust fund taxes. This invariably means that you would pay two times the initial amount you are supposed to pay as trust fund tax to the state government once TFRP is assessed against you. When this happens, having a tax attorney Atlanta will determine the legal options that are available to you.

With a tax attorney Atlanta, you can explore your legal options and secure a favorable outcome with your Trust Fund Recovery penalty case. If you are not familiar with Georgia’s TFRP laws, this is what trust fund tax means

Trust fund tax – definition 

As a business owner in Atlanta, you are expected to withhold a certain amount of your employees’ income or paycheck every month. The withheld sum will be used to secure the employee’s Medicare, social security, and federal government income taxes. All of these together are what we call trust fund taxes. Although the money is held by the business owner, it is not yours to keep; it belongs to the government. You are supposed to hold the sum in trust and send it to the IRS at the scheduled date.

If you delay the payment of the trust fund taxes, even by a day, your business can be penalized for it. consequently, you’ll need a tax attorney Atlanta to defend your business integrity against the TFRP.

In cases where the TFRP is as a result of deliberate or intentional failure to send the trust fund taxes to the IRS, the offender may incur even direr consequences. Regardless of the IRS trust fund recovery penalty assessed against you, having an aggressive and experienced tax attorney Atlanta will go a long way in helping you secure a favorable outcome in your TFRP case.

Who are Responsible persons?

IRS Trust fund recovery penalty can be assessed against anybody in your workplace, so far that individual is directly involved with the collection and remitting of the trust fund taxes and willfully fails to carry out these responsibilities. The IRS Trust fund recovery penalty will be assessed against you in Atlanta and its encompassing areas if you hold a position that qualifies you as a responsible person in your organization.

For instance, if you are the chief executive officer (CEO) of your company, chief accountant, or you are responsible for the disbursement and collection of Trust fund taxes in your organization. Before the TFRP is assessed against you, the IRS will conduct a series of interviews to determine your true intentions for defaulting or delaying the trust fund taxes. On the off chance that the failure to remit trust fund taxes is deliberate, you’ll need a tax attorney Atlanta.

Willful defaulters 

You will be assessed for the willful failure of trust fund tax collection or payment when a person of your caliber or position should have or must have been aware of the TFRP laws.

If you have been served by the IRS for TFRP in Atlanta, call an aggressive and experienced tax attorney Atlanta.

Alex Mitchell

Alex Mitchell’s practice focuses primarily on Federal (IRS) tax controversy, criminal defense, and personal injury. Mitchell manages a team of attorneys and other legal professionals. Mitchell received his Bachelor of Science Degree in Criminal Justice from Jacksonville State University (JSU). While at JSU, he served as an assistant video coordinator for the football team. After graduating from JSU, Alex received a scholarship to attend Southern University Law Center. At Southern University Law Center, Alex was an active member of the American Bar Association, Phi Alpha Delta Fraternity, Law Students for Reproductive Justice, Criminal Law Society (Secretary), and Sports and Entertainment Legal Association (Finance Director).