Business Tax Debts
Businesses are liable for many different types of tax whether you are a C-Corporation who must file and pay taxes on Form 1120 or a flow-through entity such as a S-Corporation or Partnership. In addition to income tax you may also need to file and pay employment taxes such as Federal Unemployment Tax (FUTA), Employment Tax (Form 941), state equivalents of these. There are a lot of moving parts when it comes to businesses and taxes.
We can handle it for you! Not only can we help you with ongoing compliance (future filings and payments), we can help you get caught up on past due filings and payments as well.
Trust Fund Recovery Penalty
The Trust Fund Recovery Penalty (TFRP) is a Civil Penalty assessed against the responsible parties who failed to deposit Federal employment taxes (from Form 941). This penalty is a big deal, and it is not usually assessed until the IRS has tried unsuccessfully to collect the tax from the business itself. This type of assessment is not one that you want to handle alone. We can help, and hopefully get things resolved before this penalty lands in the business owner's lap as a personal liability.