The Trust Fund Recovery Penalty: Who Is Responsible To Pay?

By Juliet L. Fink
Practical Tax Strategies
June 2022 Edition

If an employer willfully fails to withhold or remit payroll taxes, the IRS can impose a Trust Fund Recovery Penalty (“TFRP”) against every individual who is determined to be a “responsible person” of the employer. The overbreadth within which the IRS may determine individuals to be “responsible persons” should make employees cautious when taking on any accounting or banking responsibilities within their employment.

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“The Trust Fund Recovery Penalty: Who is Responsible to Pay?” has also been published in the May/June 2022 edition of Thomson Reuter’s Corporate Taxation Journal.

Published with permission from Thomson Reuters.