The 100% penalty. (withholding tax payment failure penalty): An article from: The Tax Adviser

This digital document is an article from The Tax Adviser, published by American Institute of CPA's on September 1, 1992. The length of the article is 3911 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: IRC 6672 establishes a 100% penalty for delinquent withholding tax payments and allows the IRS to collect them directly from responsible third parties. The penalty is a collection mechanism, and does not require the IRS to file suit first. Responsible persons can be corporate officers, accountants or creditors in bankruptcy cases. Willfulness is an important component of this type of action, and some mitigating circumstances have been recognized.

Citation Details
Title: The 100% penalty. (withholding tax payment failure penalty)
Author: Darshan L. Wadhwa
Publication:The Tax Adviser (Magazine/Journal)
Date: September 1, 1992
Publisher: American Institute of CPA's
Volume: 23 Issue: n9 Page: 608(5)

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