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Trust Fund Recovery penalty offer in compromise Form: What You Should Know

Facing The Trust Fund Recovery Penalty?   Tax Preparer: How to Handle The Trust Fund Recovery Penalty What is the Trust Fund Recovery Penalty? The Trust Fund Recovery Penalty applies to individual taxpayers and small businesses. The penalty amounts to 2.5% of the total outstanding amount of all delinquent wages withheld from paychecks filed or being filed for 2024 through 2017. The Trust Fund Recovery Penalty is an amount equal to 2.5% of the outstanding amount of the taxes you withheld from your employees' wages. This could be deducted as a deduction from the individual's income tax payments, and then used as money for government obligations. What if the employee hasn't yet filed for tax returns? In this situation, the IRS will file a wage withholding tax return and pay you the amount of the Trust Fund Recovery Penalty. What if the employee has filed tax returns but did not complete the required tax forms? The IRS will continue to withhold taxes from the delinquent wages for non-filing and, if applicable, will add the amount of the Trust Fund Recovery Penalty when you file the return.

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