We are former IRS agents and trust fund/payroll tax experts, since 1982. Local Tax Experts
As former IRS agents we worked on the local South Florida tax offices. We have over 100 years of former IRS experience and over 200 years of professional tax experience in dealing with IRS tax problems.
As former IRS agents I have set up hundreds and hundreds of trust fund cases on corporations that went defunct or companies that required the trust fund penalty.
Those trust fund penalties are set up to those responsible individuals that the IRS deems had the responsibility to pay the back taxes.
There are a whole series of standards in common-law fact that the IRS checks before they set the trust fund penalty up against those responsible.
There are generally two types of taxpayers and fall in this category. Those that signed and agreed to the penalty and those who disagreed and need to file an appeal.
Both cases are work differently.
If you owe back taxes result of the trust fund penalty, IRS will require a financial statement to make a determination on how they will collect the back taxes. The tax treatment you will receive from the IRS and/or revenue officer will be as though you owe individual taxes. You’re current financial statement will reflect to IRS your collectibility.
As a result of IRS reviewing your current financial statement, you are generally going to have your case closed by Internal Revenue Service in one of three ways.
They will either place your case into:
1. a currently not collectible or hardship status,
2. IRS will ask for a monthly payment plan,
3. You may be able to settle your debt pennies on the dollar though the offer in compromise programs.
For those of you who do not agree with the trust fund penalty, you can file an 843 claim form to have your case reopened or to file an offer in compromise, doubt as to liability case.
If you do not know what to do need a free tax consultation call us today.
If you have received the notice are CP 15 B call us today and we can discuss your options based on your given in certain circumstances.
The CP15B letter or notice states that the IRS has charged you a Trust Fund Recovery Penalty (TFRP) for not paying employment or excise taxes.
What you need to do
• Read your notice carefully. It will explain your amount due, due date, and payment options.
Answers to common questions
Why was I assessed this penalty?
We charged you the TFRP for willfully failing to collect, account for, or pay employment or excise taxes. Find additional information for Employment Taxes and the Trust Fund Recovery Penalty (TFRP).
What happens if I don’t respond to this notice?
Interest will continue to accrue until the balance is paid.
Am I charged interest on the money I owe?
Not if you pay the full amount you owe by the due date on the payment coupon. However, interest accrues on the unpaid amount after that date.
What should I do if I disagree with the notice?
If you disagree with the penalty charge you may file a suit for refund.
To do so, you must:
• pay the withheld tax for one employee for each quarter of liability you disagree with, and
• file a claim for refund on Form 843, Claim for Refund and Request for Abatement, for the amount.
Call us today for a free initial tax consultation and we can walk you through the process whether you need to pay the tax profile objection to the trust fund penalty itself.
Owe Trust Fund Tax Debt + Appeal/Settle Tax Debt *former irs agents + Ft. Lauderdale, Miami, Boca Raton, Hollywood, Pompano, Pembroke Pines
