Tag Archives: IRS TFRP

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 […]

Everything You Need to Know About the Trust Fund Recovery Penalty (IRS Form 941)

It’s no secret that, as an employer, you’re supposed to file IRS Form 941 on time — and pass on withheld employment taxes to the IRS. If you fail to pay these taxes on time, you may be subject to the Trust Fund Recovery Penalty (TFRP). Designed by Congress to encourage prompt payment, the TFRP […]