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  • 8 minutes

IRC Section 6672: Trust Fund Recovery Penalties

 

Learn how to avoid personally being served with IRC Section 6672 penalties.

What is IRC Section 6672? Employment taxes such as federal income withholding taxes including social security taxes withheld from employees are called trust funds because you are holding the employee’s money in trust until you deposit those funds over to the IRS. To encourage prompt payment of these funds Congress enacted the Trust Fund Recovery Penalty (TFRP). The TFRP can be assessed against any business for unpaid trust fund taxes. This video reviews what taxes the TFRP applies to, the types of appeals/claims for a TFRP, and what parties can be held responsible.

Runtime: 8 minutes
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Faculty

Debbie Cash, CPP

Debbie Cash, CPP

Employer Advantage

  • Payroll tax/time and attendance specialist at Employer Advantage since 2006
  • About Employer Advantage: Freedom to Succeed - Trusted more than 30 years, Employer Advantage frees business leaders from employee administrative and compliance burdens so they can focus on their business’s success
  • More than a software solution, we identify a company’s individual needs and culture to create strategic and very personalized plans for service
  • Our dedicated teams not only provide business leaders comprehensive management and resources, but give their employees top-notch assistance and benefits; our suite of services includes payroll, employment taxes, health and benefits, human resources, safety, workers’ compensation, OSHA, DOT, and more
  • 30+ years of experience processing payroll and payroll taxes for various different companies and professions
  • Builds databases and installs systems at locations across the U.S., Debbie has worked with Time America products since 2006 and Time Clock Plus since 2010
  • Began a partnership in June 2018 with Kronos and is accredited in their time and labor management system and advanced scheduler solutions
  • Payroll specialist at Missouri Southern State University, 1993-2006; attended the International Tax Conference in Wisconsin, 2005; specialized in international tax for student visa’s, Joplin R-8 School District, 1990-1993
  • Chapter president of the Joplin Chapter of the American Payroll Association, 2006-2012; chaired the committee for their annual seminar since 2006
  • Numerous awards from the APA for her volunteer service on the APA’s hotline and also for her service as chapter president
  • Published several articles in PayTech, a monthly magazine put out by the APA, currently the treasurer for the chapter
  • B.A. degree in general business, MSSU; associate's degree in accounting, MSSU; Certified Payroll Professional Certification
  • Can be contacted at 417-782-3909 ext. 148, [email protected] or www.EmployerAdvantage.com
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