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.
Debbie Cash, CPP
- Business analyst-implementation at G&A Partners
- G&A Partners is a Professional Employer Organization (PEO) that offers payroll, human resources, benefits management, risk management, and accounting services for businesses
- Has more than 30 years of experience processing payroll and payroll taxes for various companies and professions
- Formerly a payroll tax/time and attendance specialist at Employer Advantage LLC, worked for Joplin R-8 school district, and worked as a payroll specialist at Missouri Southern State University
- Attended the International Tax Conference in Wisconsin and specialized in international tax for student visas
- Certified Payroll Professional certification
- Bachelor’s degree in general business and associate’s degree in accounting, Missouri Southern State University
- Can be contacted at [email protected] or 417-782-3909, ext. 148
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