employee wages

A Review of the Trust Fund Recovery Penalty

A Review of the Trust Fund Recovery Penalty

One might assume the term “trust fund recovery penalty” has something to do with estate planning. It’s important for business owners and executives to know better. In point of fact, the trust fund recovery penalty relates to payroll taxes. The IRS uses it to hold accountable “responsible persons” who willfully withhold

Sonya Foster2023-11-07T10:25:57-07:00November 7th, 2023|

Employers Beware of the Trust Fund Recovery Penalty

Employers Beware of the Trust Fund Recovery Penalty

If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. Because the taxes

Sonya Foster2021-04-12T14:53:52-06:00July 21st, 2020|