If you or your company owe payroll taxes, and you have made some payments, you may be a candidate to allocate your payments.
This is an extremely complicated process. Do not undertake this on your own. You will need the help of a trained professional. This is not for the weak of heart.
If you fail to make all of the required payroll tax deposits, you may personally owe a Trust Fund Recovery Penalty. This penalty is assessed under IRC 6672. This penalty transfers the payroll taxes from a company debt, to a personal and a company debt.
If you have made deposits, the IRS may have posted the payment in their best interest. By requesting that the IRS allocate your payments, you can potentially lower the Trust Fund Recovery Penalty. What you are doing, is building a case so that the IRS will lower the amount of Civil Penalty IRC 6672 Penalty Trust Fund Recovery Penalty.
Tax Matters Solutions, has handled several of these cases with outstanding results. If you owe back payroll taxes, and the IRS Revenue Officer wants to conduct an interview, call me immediately. We can defend you, and protect your assets.Explore posts in the same categories: Back Taxes, Filing back taxes, General Advice/Discussions, How, When & Why to Hire a Professional