Learn More About The Trust Fund Recovery Penalty

Posted on April 05, 2012

Our husband and wife taxpayers owned and operated a business that subsequently failed. They had employees to help them run their business. Unfortunately, they did not pay the employment taxes for the business to the IRS. The IRS subsequently proposed to assert the Trust Fund Recovery Penalty against them personally in excess of $127,000.00 related to their involvement in the failed business. We filed protests with the IRS and fought hard for our clients. The IRS just agreed to reduce the proposed tax by $74,000.00, a nearly 60% reduction! If you have or had a business that has unfiled tax returns or unpaid liability, call us, we can help.