Puerto Rico Jury Instruction - 10.10.6 Section 6672 Penalty
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Any person required to collect, truthfully account for, and pay over any tax imposed by this title who willfully fails to collect such tax, or truthfully account for and pay over such tax, or willfully attempts in any manner to evade or defeat any such tax or the payment thereof, shall, in addition to other penalties ...
The IRS generally has 10 years ? from the date your tax was assessed ? to collect the tax and any associated penalties and interest from you. This time period is called the Collection Statute Expiration Date (CSED). Your account can include multiple tax assessments, each with their own CSED.
The amount of the penalty is equal to the unpaid balance of the trust fund tax. The penalty is computed based on: The unpaid income taxes withheld, plus. The employee's portion of the withheld FICA taxes.
A responsible person for this purpose can be an officer of a corporation, a partner, a sole proprietor, or an employee of any form of business. A trustee or agent with authority over the funds of the business can also be held responsible for the penalty.
§ 6672 ? Failure to Collect and Pay Over Tax, or Attempt to Evade or Defeat Tax. Also Referred to as Internal Revenue Code Section 6672; I.R.C. § 6672; Section 6672; Trust Fund Recovery PenaltyBackground.
A willful failure to collect and remit trust fund taxes is punishable by up to a $10,000 fine, five years in prison, or both. However, the IRS typically reserves criminal charges for the most extreme cases.
Any person required to collect, truthfully account for, and pay over any tax imposed by this title who willfully fails to collect such tax, or truthfully account for and pay over such tax, or willfully attempts in any manner to evade or defeat any such tax or the payment thereof, shall, in addition to other penalties ...
If a business has failed to collect or pay over income and employment taxes, or has failed to pay over collected excise taxes, the trust fund recovery penalty may be asserted against those determined to have been responsible and willful in failing to pay over the tax.
If the IRS assesses a penalty, it has up to 10 years to collect it. During that time, the IRS will take your assets if you are responsible. However, the IRS only has 3 years to assess the penalty. This clock starts ticking on April 15 after the year the trust fund taxes were due to be filed.