TRUST FUND RECOVERY PENALTIES
Understanding Trust Fund Recovery Penalties
Once the IRS has made a personal Trust Fund Recovery Penalty assessment against an individual, the IRS may begin to collect from that individual in addition to its collection efforts aimed at the underlying business entity. Thus, your individual assets, wages, and bank accounts are put into jeopardy.
How can we help you?
At I Owe Taxes, we understand how important it is to protect your individual assets, wages, and bank accounts. Without them, it can be difficult, if not impossible, to provide the basics for yourself and your family. Therefore, we take Trust Fund Recovery Penalties very seriously.
The best way to resolve a Trust Fund Recovery Penalty is to avoid having it assessed in the first place. If a tax problem is caught early enough, we can oftentimes negotiate an agreement with the IRS whereby your business resolves its own liability. However, the longer your tax problem goes unresolved, the greater the chances that the IRS will look to you and whoever else they determine to be responsible for your company’s failure to pay taxes.