Question

If taxpayers Monica, Traci , and Phillip are responsible persons in the failure to withhold and...

If taxpayers Monica, Traci , and Phillip are responsible persons in the failure to withhold and pay over employment taxes but only Monica and Traci acted willfully which of the following statements is correct? A the IRs may assess the trust fund recovery penalty against Monica , Traci and Phillip, but can only collect it from Monica and Traci b. The IRS can only asses and collect a trust fund recovery penalty from Phillip c. The IRS cannot assess a trust find recovery penalty against Phillip d. the IRS may asses a trust fund recovery penalty against Monica , Traci, and Phillip

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

The tax IRs may assess a trust recovery penalty against monica, traci, and phillip, but can only collect it from monica and trici.

The employer need to withhold taxes from its employees wages and pay them to IRS. Withheld taxes are been said as trust fund taxes. When these taxes are not paid by the employer intenstionally or not to get paid the taxes IRs checks for the responsible person and willful person and upon all IRs may assess for thr trust fund recovery. IRs may ask for to pay the penality by any of the responsible persons.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Which of the following is not true regarding the trust fund recovery penalty? The penalty may...
Which of the following is not true regarding the trust fund recovery penalty? The penalty may only be assessed against what the IRS defines as "responsible persons." The penalty may only be assessed against individuals who willfully failed to collect, truthfully account for, and pay over the trust fund taxes. The trust fund recovery penalty may not be assessed against a member of a board of trustees of a nonprofit organization. The IRS can collect the full amount form any...
Discussion In Gray, the insured brought an action against its insurer for failure to defend an...
Discussion In Gray, the insured brought an action against its insurer for failure to defend an action stemming from a complaint alleging that he committed a sexual assault. According to the allegations of the complaint against him, the insured, Dr. Gray, “willfully, maliciously, brutally, and intentionally assaulted” the plaintiff, Mr. Jones. The insured provided notice of the lawsuit to Zurich and requested a defense, but Zurich refused to defend him because the allegations of the complaint alleged an intentional tort...
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe,...
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, while Wanda is employed part-time as a paralegal for a law firm. During 2016, the Deans had the following receipts: Salaries ($60,000 for Lance, $41,000 for Wanda) $101,000 Interest income—    City of Albuquerque general purpose bonds $1,000    Ford Motor company bonds 1,100    Ally Bank certificate of deposit 400 2,500 Child...
Indicate the answer choice that best completes the statement or answers the question. 1. ​The _____...
Indicate the answer choice that best completes the statement or answers the question. 1. ​The _____ environment of your country affects the interest rates you pay on your mortgage and credit cards as well as those you earn on savings accounts and bonds. a. ​economic b. ​political c. ​technological d. ​social e. ​legal 2. An economy will usually go into a(n) _____ after a peak.​ a. ​convolution b. ​expansion c. ​contraction d. ​recovery e. ​prosperity Enter the appropriate word(s) to...
Assignment: What are the main arguments in the article? Please answer within 5 hours. It is...
Assignment: What are the main arguments in the article? Please answer within 5 hours. It is extremely urgent!!!!!!!!!!!!!!!!!!!!!!!! --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- BIOETHICS. Bioethics as a field is relatively new, emerging only in the late 1960s, though many of the questions it addresses are as old as medicine itself. When Hippocrates wrote his now famous dictum Primum non nocere (First, do no harm), he was grappling with one of the core issues still facing human medicine, namely, the role and duty of the...
What topics are covered in the following article? Please answer within 5 hours. It is extremely...
What topics are covered in the following article? Please answer within 5 hours. It is extremely urgent!!!!!!!!!!!!!!!!!!!!!!!! --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- BIOETHICS. Bioethics as a field is relatively new, emerging only in the late 1960s, though many of the questions it addresses are as old as medicine itself. When Hippocrates wrote his now famous dictum Primum non nocere (First, do no harm), he was grappling with one of the core issues still facing human medicine, namely, the role and duty of the physician....
Please read the article and answear about questions. Determining the Value of the Business After you...
Please read the article and answear about questions. Determining the Value of the Business After you have completed a thorough and exacting investigation, you need to analyze all the infor- mation you have gathered. This is the time to consult with your business, financial, and legal advis- ers to arrive at an estimate of the value of the business. Outside advisers are impartial and are more likely to see the bad things about the business than are you. You should...
Please summarize the below article in approximately 100 words: Monumental function in British Neolithic burial practices...
Please summarize the below article in approximately 100 words: Monumental function in British Neolithic burial practices Ian Kinnes The high-risk rate of survival for the non-megalithic series of Neolithic funerary monuments, recently re-emphasized by Piggott (1973: 34), introduces a further variable into the deductive study of burial practices. In Britain and Europe the overall distribution of monumental forms present both lacunae and a marked preponderance of cairns over earthen mounds which are in ill accord with the known or predicted...
QUESTION 1 ? What is the relationship between family dysfunction and schizophrenia? a. ?Research has substantiated...
QUESTION 1 ? What is the relationship between family dysfunction and schizophrenia? a. ?Research has substantiated a link between family dysfunction and schizophrenia but can't say which causes the other. b. ?Family dysfunction is a major causative factor for schizophrenia. c. ?Research has failed to substantiate a direct causal link between family dysfunction and schizophrenia. d. ?Family dysfunction plays a minor role in developing schizophrenia. 1.00000 points    QUESTION 2 ? Chuck has no life plan; he simply lives from...
Discuss ethical issues that can be identified in this case and the mode of managing ethics...
Discuss ethical issues that can be identified in this case and the mode of managing ethics Enron finds itself in this case. How would you describe the ethical culture and levels of trust at Enron? Provide reasons for your assessment. THE FALL OF ENRON: A STAKEHOLDER FAILURE Once upon a time, there was a gleaming headquarters office tower in Houston, with a giant tilted "£"' in front, slowly revolving in the Texas sun. The Enron Corporation, which once ranked among...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT