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Posts Tagged ‘TFRP’

The Trust Fund Recovery Penalty: Why You REALLY Need to Pay your Business’ Employment Taxes

July 10, 2015  |   Tax News   |   Tags: , ,  

The Trust Fund Recovery Penalty (TFRP) is a penalty the IRS charges on employers who willfully fail to withhold and pay income and employment taxes. This penalty also applies to taxpayers who attempt to evade taxes altogether. The TFRP also applies to “collected” excise taxes, and not to the employer’s portion of employment taxes. The TFRP is charged to encourage employers to withhold income and employment taxes ...