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Many business people do not realize or understand the severe consequences of a failure by an employer to withhold and pay over income and social security taxes on its employees. The Internal Revenue Service has the ability to hold individuals personally responsible for the amount of tax that was supposed to be withheld from employee's paychecks. This is known as the Trust Fund Recovery penalty. What many people don't realize is that multiple individuals in a business can be held responsible. Making matters much worse, the Department of Justice in coordination with the IRS has now made it a priority to criminally prosecute some of these individuals. This topic will help explain how the Trust Fund Recovery Penalty works and how a business should respond when under investigation by the IRS. It will suggest practical strategies and defenses to avoid liability. It will also point out the danger signs of a possible criminal referral. This information is critical for employers and anyone representing employers.
· You will be able to differentiate between the employer and the empoyee taxes and tax rates.
· You will be able to identify payroll tax types, rates and caps.
· You will be able to identify payroll tax reporting forms.
· You will be able to recognize the Trust Fund Recovery Penalty.
Payroll Tax Basics
· Form 941/Form 940 Filing and Payment
· Form 941/Form 940 Penalties
· Abatement of Penalties for Reasonable Cause/First Time Abatement
Trust Fund Recovery Penalty
· Trust Fund vs. Non-Trust Fund
· IRS Revenue Officer Investigation/Form 4180 Interview
· IRS Appeals Considerations
Strategies and Defenses for Minimizing the Penalty
· Meeting With the Client
· Negotiation With the Revenue Officer
· Spreading the Blame/Designation of Payments
Criminalization of the Trust Fund Recovery Penalty
· IRC 6672 vs. IRC 7202
· Danger Signs
· Minimizing Criminal Exposure
A Certified Public Accountant, business author Mike Morley is an entertaining and informative speaker and a recognized authority in the field of finance. Mike offers various training programs, such as IFRS, SOX, and Financial Statement Analysis that focus on providing continuing education opportunities for finance and accounting professionals. Many Fortune 500 companies take advantage of his training programs to bring their staff up to speed so that everyone understands what their responsibilities are. Mike is the author of several books, including: “IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS. “Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements. “Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate