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Employment Taxes and the Trust Fund Recovery Penalty: What You Need to Know — Part III

You’ve been accused of willfully failing to pay employment taxes and are now at risk of being assessed the trust fund recovery penalty. What next? How you respond — and when — could determine whether you’re forced to endure a lengthy interview or appeals process, and more importantly, whether you end up paying the penalty. […]

Employment Taxes and the Trust Fund Recovery Penalty: What You Need to Know — Part II

Totaling 100 percent of unpaid employment and federal taxes, the TFRP is not to be taken lightly. In this segment of our three-part series on this devastating penalty, we highlight the assessment process and its implications. How is the TFRP assessed? As soon as the IRS determines that employment taxes have remained willfully unpaid, a […]

Employment Taxes and the Trust Fund Recovery Penalty: What You Need to Know — Part I

As an employer, one of your most significant IRS responsibilities involves withholding federal and payroll taxes on behalf of your employees. Your failure to properly withhold or pay these taxes could lead to major repercussions, including, most notably, the trust fund recovery penalty. In this blog series, we take a deep dive, examining what the […]

The Recent IRS Notice About the TFRP: What It Means in Plain English

In late August, 2020, the IRS released Notice 2020-65. This notice primarily deals with the recent memorandum from President Trump, authorizing a payroll tax holiday. Unfortunately, both the payroll tax policy and the related notice are difficult to understand. Keep reading to learn what they and how the information contained therein might impact your payroll […]