(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 & Finances
Category: Business Cash Flow Problems & Bankruptcy
Category: Business, LLCs & Corporations → Business Tax & Deductions
Category: Personal Finance & Retirement → Taxes → Tax Audits
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.