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In the United States, the term trust fund recovery penalty refers to a tax penalty assessed against the directors or officers of a business entity which failed to pay a required tax on behalf of its employees.[1] Common violations can come in the form of not paying Medicare and Social Security deductions.[2]
See also
editReferences
edit- ^ "trust fund recovery penalty (TFRP)". Legal Information Institute. Cornell University. Retrieved 2024-05-05.
- ^ Brotman, Sam (2016-04-06). "What Is a Trust Fund Recovery Penalty (TFRP): Your Ultimate Guide". Brotman Law. Retrieved 2024-05-05.