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Video instructions and help with filling out and completing Trust fund recovery penalty right of contribution
So getting very specifically into the trust fund recovery penalty first of all is to find that a little bit and what exactly is trust funds I touched on it just a little bit ago but again taxes collected or withheld by a third party on the government's behalf this is the official definition by the way guys and it's held in trust until the remitted well that whole entire thing they just call it trust funds so if you've never heard you know the official definition now you guys know it any of those that you're taking money out of an employee's check by the way this also qualifies if you're taking money out of contractors money or withholding money from gambling earnings or excise taxes a lot of things that you're withholding on the government's behalf you are the collector for the government's taxes you should not be using it for any other purpose of course that's where people get in trouble so those examples again different types income taxes employment taxes excise taxes those are all trust funds no problems do often arise when the company has cashflow concerns our class is focusing mostly in unemployment taxes because that's in my office where we see the biggest percentage of it know that if you have a large percentage of clientele they do backup withholding for contractors maybe you're going to see a lot more of those but it always seems to stem from cash flow concerns more often than not so with employment tax what portion is the trust fund what really is that and it's not the whole amount they owe and that may be surprising to some it is only the Social Security Medicare we refer to that as FICA so screening Medicare and income tax that is withheld from the employees portion it doesn't include the matching share now yes the employer still owes that it is the matching share Social Security Medicare maybe penalties interest yes the employer still owes it but that's not trust funds only the security medicare and income tax withheld is trust funds so keep that in mind as we talk about this further into the class the reason that they are upset about trust funds is the government goes ahead and gives credit to the employee for that tax withheld so think about an employee they have money that's taken out of their page by their employer and then they go and file their own income tax return based on that w2 the IRS is going to go ahead and give them credit for those taxes paid in give them a refund even and maybe they didn't get a dime from the employer so even if those funds were never paid in it's of course part of their concern because and they're not honestly wrong in thinking this they believe they're being cheated twice by the employer because they're refunding and crediting the employee but never getting.