Unpaid payroll taxes and missing payroll tax returns can create the severest of financial pains and result in possible prison time, but most employers are not aware of it until it is too late. It's a time bomb that will detonate if ignored, leaving its victims devastated from the aftermath.
CPAs with clients who have small businesses; payroll tax return preparers.
After attending this presentation, you will be able to:
- Recall the common statutes guiding the assessment and collection of payroll taxes
- Recognize when someone is a candidate for the Trust Fund Recovery Penalty
- Create a plan to defend a taxpayer against the TFRP
- Identify the criteria the IRS uses to evaluate collection potential
- Implement a strategy to resolve tax debts
The major topics covered in this class include:
- The common statutes guiding the assessment and collection of payroll taxes
- "Responsible party" and how it relates to the Trust Fund Recovery Penalty
- The steps of the TFRP process
- The various civil penalties for unpaid payroll taxes
- Seven options to resolve tax debts
- How IRS evaluates and investigates employment tax fraud