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The Trust Fund Recovery Penalty (TFRP) is imposed for failure by businesses to hand over certain taxes to the tax authorities. The most common examples include employment taxes and excise taxes. The penalty is among the largest imposed by the IRS at 100% of the trust fund portion of unpaid tax.  Individuals responsible for the TFRP can include not only officers and directors of a company but also workers who are often unaware of the potential risk when carrying out their job duties.

 

Taxpayers targeted by a Trust Fund Recovery Penalty (TFRP) can hire professional representation during the investigation to defend against the assessment. In the event of a Trust Fund Recovery Penalty (TFRP) assessment, there are strategies to challenge the assessment or to settle the penalty.