MLchartDataset catalogue

Trust fund recovery penalty

Term · Law · MLC-T-LAW-005001

A penalty imposed by the Internal Revenue Service on individuals responsible for collecting, accounting for, and paying over certain federal taxes, such as Social Security and Medicare taxes withheld from employee wages. If these 'trust fund taxes' are not paid to the government, the responsible person can be held personally liable for the unpaid amount. The penalty is equal to the unpaid trust fund portion of the tax.

Table 1. Record
IdentifierMLC-T-LAW-005001
FieldLaw
AbbreviationTFRP
Record as JSON 
{
  "id": "MLC-T-LAW-005001",
  "term": "Trust fund recovery penalty",
  "field": "Law",
  "definition": "A penalty imposed by the Internal Revenue Service on individuals responsible for collecting, accounting for, and paying over certain federal taxes, such as Social Security and Medicare taxes withheld from employee wages. If these 'trust fund taxes' are not paid to the government, the responsible person can be held personally liable for the unpaid amount. The penalty is equal to the unpaid trust fund portion of the tax.",
  "abbreviation": "TFRP",
  "url": "https://mlchart.com/terminology/law/trust-fund-recovery-penalty/"
}

Record 5,111 of 5,441 in Law terminology (MLC-0107). Request the full dataset.