Tag: TFRP

10
Sep

WHY YOU SHOULD ALWAYS PAY YOUR PAYROLL TAXES: A PRIMER ON TRUST FUND RECOVERY PENALTIES (PART 1)

By: Kevin Murphy, Esq. PART ONE When we discuss potential liability for the Trust Fund Recovery Penalty (TFRP)- I.R.C. § 6672, we often find the need to explain how payroll taxes work.  Everyone has heard of and paid payroll taxes, but that doesn’t mean they grasp the mechanics of how it works. An employer must pay federal payroll taxes on

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