Tax Blog and News
Employment Taxes and the Trust Fund Recovery Penalty (TFRP)
In order to protect payment of withheld income and employment taxes, including social security taxes, railroad retirement taxes, or collected excise taxes, Congress passed a law that provides for the Trust Fund Recovery Penalty (“TFRP”). These taxes are called trust...
Statement from IRS Commissioner Doug Shulman on Offshore Income
March 26, 2009 My goal has always been clear — to get those taxpayers hiding assets offshore back into the system. We recently provided guidance to our examination personnel who are addressing voluntary disclosure requests involving unreported offshore income. We...