What is a Trust Fund Recovery Penalty?
We help small businesses in Winchester, VA that have payroll tax problems.
There are a number of penalties that apply when an employer fails to pay the payroll taxes. These penalties are significant and include the following:
• Failure to File: The penalty for failure to file a Form 941 or Form 940 is 5% per month, limited to 25%;
• Failure to Pay: The penalty for failing to pay your payroll taxes is 0.5% per month, limited to…[continue reading]