IRS Payroll Tax Debt
What is IRS Payroll Tax?
Trust Fund Tax is an employment tax that employers withhold from their employees’ pay. This tax is then provided to the IRS from the employer. Failure to pay this tax results in a Trust Fund Tax liability. While the nature of this tax can be complicated, it is heavily sought after by the IRS and cannot be discharged (even through bankruptcy).
The IRS can enforce a number of methods to collect this tax, including liens and levies.
If you believe you or your business may be facing Trust Fund Tax liability, there are two determinant tests to be aware of. The first test is whether you are deemed responsible for collecting/paying withheld income/employment taxes OR for paying collected excise taxes. The second test is whether you willfully failed to make good on your obligations.
Should you meet these qualifications, the IRS typically has the right to take action against you.
We will help protect your financial future!
Free Consultation
Receive an initial analysis of your specific tax issues with one of our tax professionals.
Investigation
With your authorization, we obtain your IRS transcript for past personal filings.
Preparation
We review and amend your past and current tax filings to be in compliance with IRS standards.
Financial Analysis
We provide a comprehensive assessment of your tax debt issues with recommendations to attain relief.
Case Resolution
We negotiate with the IRS to reach a favorable resolution.