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Trust Fund Recovery Penalty Investigation: The 4180 Interview

Business owners and often non-owner employees, are surprised to receive a letter stating the IRS can and will assess them personally for unpaid business payroll taxes, this is called a “Trust Fund Recovery Penalty” [TFRP]. Payroll trust fund taxes are the amounts withheld from employee wage checks and paid to the U.S. Treasury. Individuals that […]

Las Vegas Liquor Store Owners Gambled They Wouldn’t Get Caught by the IRS

Jeffrey Novak, owner of Super Liquor which had three Las Vegas locations was found guilty of conspiring to defraud the United States and assisting in filing false corporate tax returns. Novak’s former business partner, Ramzi Suliman, pleaded guilty at his trial in July 2016. Both Novak and Suliman were accused of skimming $4 million during […]

Trust Fund Recovery Penalty Investigation: Pyramiding, Misclassification or Something else?

Does the IRS pursue all taxes equally? No it doesn’t appear so. The IRS takes a particularly aggressive approach when it comes to going after business taxpayers that fail to remit payroll tax deposits. The IRS is especially vigorous in going after payroll taxes withheld from wages that somehow don’t get remitted to the government. […]

IRS Reels in the Owner and His Employee of a Fish & Seafood Company on Tax Charges

Jack Ventola, the owner of National Fish & Seafood, was arrested inNovember 2015 for failing to declare and pay taxes on more than $2 million of income. The indictment against Ventola alleges that Ventola used the services of a temporary labor company named Continental Labor Team, which Ventola controlled. He allegedly prepared false invoices from […]

Patrick LeClaire of New Life Tax Resolution Earns CTRS Credential

CELEBRATION, Florida, Sept. 12, 2016 – Patrick LeClaire of New Life Tax Resolution, a central Florida Tax Resolution firm, has received the Certified Tax Resolution Specialist designation. The designation allows individuals and businesses to identify experts who can help them with tax problem resolution by securing Offers in Compromise, Installment Agreements, Penalty Abatement, Innocent Spouse […]

Trust Fund Recovery Penalty Investigation: Lender Liability

There are two requirements to determine liability for the Section 6672 trust fund recover penalty (TFRP)—responsibility and willfulness. Both must be established during the quarter for a person to be liable.  It is quite possible for a person to be responsible but not willful, or the other way around. Who is Responsible – Lenders? The […]

Trust Fund Recovery Penalty Investigation: What is it and who is Responsible?

Trust Fund Recovery Penalty Investigation: What is it and who is Responsible? Years ago, Congress passed a law that provides for the Trust Fund Recovery Penalty (TFRP).  IRS refers to these taxes as trust fund taxes because your company holds employee’s money in trust until you make a federal tax deposit in that amount. There […]

Things You Should Know about Filing Late and Paying Penalties

April 18 was this year’s deadline for most people to file their federal tax return and pay any tax they owe. If you are due a refund there is no penalty if you file a late tax return. If you owe tax, and you failed to file and pay on time, you will most likely […]

What Everybody Ought to Know About IRS Collections

IRS Problems Have a Way of Ruining All Aspects Of Your Life. They Take A Toll On You Financially, Physically,and Emotionally. You Can Never Really Forget About Them. They creep out of that mental compartment to keep you awake late at night. They Distract Your Days with IRS Notices, Letters, And Threats. In General, IRS […]

The Dark Side of a Lingering Tax Problem

Facing the threatening letters, calls and visits from the IRS can disrupt our lives on many levels. We are clearly aware of the effect it has on our ability to function in a normal manner in all areas of our personal or business finance. Getting a loan to consolidate bills, home improvement, or a line […]