Daniel Cullinane CPA

25 Plaza 5 25th fl Jersey City NJ                                          phone 732-516-1648 fax 732-516-9778

MBA Taxation

Daniel Cullinane CPA

2500 Plaza 5 25th fl  Jersey City NJ 07311                                                          phone 732-516-1648  fax 732-516-9778

                 MBA TAXATION                                                                                                         

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Payroll taxes penalties are much more severe than income taxes. One of the nastiest taxes currently  imposed in the United States is the Trust Fund Penalty Recovery Tax. To encourage prompt payment of withheld income and employment taxes Congress passed a law that provides for the Trust Fund Recovery Penalty. These taxes called trust fund taxes because you actually hold the employee's money until you make the federal tax deposit in that amount. The TFRP may apply to you if these taxes cannot immediately be collected from the business. This tax provision allows the Internal Revenue Service to pierce Corporate and LLC shelters and personally assess individuals if their companies remit the federal withholding taxes. The tax is often called the 100% Penalty Tax because the tax is 100% of the amount owed  The TFRP may be assessed against any person who is responsible for collecting or paying withheld income and employment taxes.

If you find your self in this situation call us we can help





                       PAYROLL TAXES