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- Title
Seeking Protection from the Trust Fund Recovery Penalty.
- Authors
Bird, Bruce M.; Haynes, Christine M.; McCraw, J. Harrison; Platau, Steven M.
- Abstract
The article discusses the protection derived from the Trust Fund Recovery Penalty in the U.S. The Internal Revenue Code (IRC) section 6672 serves as mechanism to collect withheld but unremitted taxes from the employer by imposing a trust fund recovery penalty (TFRP). Personal liability for the TFRP can be avoided if due diligence is practiced by examining Form 941 in accepting a board post or in implementing the roles of a director.
- Subjects
UNITED States; TRUSTS &; trustees; TRUST companies; INTERNAL revenue law; TAXATION
- Publication
CPA Journal, 2009, Vol 79, Issue 11, p36
- ISSN
0732-8435
- Publication type
Article