IRS delaying certain TFRP assessments

The IRS has issued interim guidance that delays certain Trust Fund Recovery Penalty assessments until after January 3, 2022.

This interim guidance, issued April 27th, pertains to trust fund taxes for the following periods:

  • Form 941 for Q2, Q3, Q4 2020
  • Form 943 for 2020
  • Form 944 for 2020
  • Form CT-1 for 2020

If an employer elected to defer withholding of the employee portion of Social Security as was permitted under the CARES Act and Presidential Memorandum last year, Revenue Officers cannot pursue TFRP assessment against responsible and willful parties until after that Jan. 3, 2022 date.

The full memo is SBSE-05-0421-0021.

If you represent clients with trust fund issues, you might be interested in the TFRP-related representation courses within our CTR™ curriculum, which include:

  • CTR-201: Intro to 941 Resolution
  • CTR-202: Business Financial Analysis
  • CTR-203: 941 Resolution Options
  • CTR-211: TFRP Investigations
  • CTR-212: TFRP Assessments: Responsible & Willfull
  • CTR-214: Trust Fund Recovery Penalty Appeals (coming soon)

These classes are all 2 CPE hours, and are included with your Tax Resolution Academy® Champions membership.