Trust Fund Recovery Penalty, Statute of Limitations. Few people know that this statute exists, yet it can save you thousands and thousands of dollars if you have owed back 941 and payroll taxes. Here is the rule regarding payroll tax cases in regards to the trust fund law.
A simple review of your file can be made to see if this relates to you.
The general rule is that an assessment of tax must be made within three years from the date a return is filed, or the due date of the return, whichever is later. Generally, this means that the tax must be posted within 3 years from the received date of the return.
This simply means that if the IRS does not set up the trust fund recovery penalty within 3 to 4 years, you no longer owe the tax.
How good that is. Because of the current IRS work load, it has been impossible to work all these cases. This means you will not owe these back taxes or payroll tax liability. Your IRS problem is over.
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