trust fund recovery penalty
- trust fund recovery penalty
-
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.
Look at other dictionaries:
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