Tag Archives: payroll tax 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 […]