- trust fund recovery penalty
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(TFRP)A penalty from the IRS for not paying "trust fund" taxes, which are taxes a company withholds from an employees paycheck, including Social Security and Medicare taxes and federal income (withholding) taxes. This penalty can be assessed against any owner, officer, or company employee whose job is related to accounts payable, payroll, or the financial operations of the business.Category: Business, LLCs & Corporations → Business Accounting, Bookkeeping & FinancesCategory: Business Cash Flow Problems & BankruptcyCategory: Business, LLCs & Corporations → Business Tax & DeductionsCategory: Personal Finance & Retirement → Taxes → Tax Audits
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
См. также в других словарях:
trust fund taxes — Taxes a company withholds from an employees paycheck, including Social Security and Medicare taxes and federal income (withholding) taxes. A trust fund recovery penalty can be assessed when a business doesn t pay these taxes to the Internal… … Law dictionary
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TFRP — See: trust fund recovery penalty Category: Business, LLCs & Corporations → Business Accounting, Bookkeeping & Finances Category: Business Cash Flow Problems & Bankruptcy Category: Business, LLCs & Corporations → Business Tax & Deductions Category … Law dictionary
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