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Trust Fund Recovery Penalties

4.7 (172)

Larry Heinkel, LLM

Tax Problem Solver

Tuesday, February 02, 2021 | 03:00 PM EDT

  • AFSP
  • CPA (US)
  • EA
  • Tax Preparer
  • CTEC

1 Credit

$10

Subject Area

Taxes

Webinar Qualifies For

1 CPE credit of Taxes for all CPAs

1 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-T-00277-20-O)

1 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273) (Approval No. 6273-CE-0284)

1 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

1 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-T-00277-20-O)

1 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-T-00277-20-O)

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

Upcoming Webinars

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quickbooks: tricky & complex situations for advance learners

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12 powerful tax saving strategies for your small business owner clients

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fraud update - latest

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yellow book boot camp – introduction to nfp and governmental accounting & auditing

Aug 02, 2021 | 11:00 AM EDT View Details

best overview on individual tax updates latest (basic)

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cash and kids: momentum on child tax credit

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s corps: crucial insights: why you should pick s over c, traps in s corp qualification, and more

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Aug 02, 2021 | 11:30 AM EDT View Details

merchant account nightmares: the shady world of credit card processing fees

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Aug 02, 2021 | 12:00 PM EDT View Details

fraud/anti-corruption awareness, prevention and detection

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Additional Dates

Aug 06, 2021 | 09:30 AM EDT Register

Course Description

When you have employees, you withhold their Medicare and Social Security contributions from their checks, and in most cases, you also withhold some income tax. These amounts are referred to as trust fund taxes, and you are obligated to send that money to the IRS. If you fail to make those payments, the government can charge a very serious penalty called the Trust Fund Recovery Penalty.

Congress passed a law that provides for the Trust Fund Recovery Penalty (TFRP) to encourage prompt payment of withheld income and employment taxes, including social security taxes, railroad retirement taxes, or collected excise taxes. These taxes are called trust fund taxes because you actually hold the employee's money in trust until you make a federal tax deposit in that amount.

As a result of the Covid-19 pandemic, we may find many companies closing or filing for protection under Chapter 11 of the federal bankruptcy code. In a high percentage of those cases, payroll taxes may not be paid leaving the owners (and others) personally liable for the unpaid trust fund portion of those liabilities. 

Highlights of the webinar : 

  • How to calculate the trust fund recovery penalty (TFRP)
  • How to minimize exposure to the TFRP
  • How to avoid malpractice when dealing with these volatile cases.

Learning Objectives

  • To identify IRS as “just another creditor”
  • Identify ways to keep your clients out of trouble, as well as yourself.
  • Identify various defense strategies for TFRP cases.
  • Recall the rights your taxpayer may have in the collection or appeals process.
  • Discover strategies to help your client resolve their employment tax issues.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros

Testimonial

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(
    [no_of_record] => 172
    [average] => 4.7093
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4.7

(172)
74%
24%
2%
1%
0%

HC

Larry is a really good teacher. You can learn a lot in 1 hour of his programs.

LW

Great experience

KB

Great! Will find another one to take. Soon!

CW

Larry is one of my favorite presenters, he is extremely knowledgeable and his courses are very interesting

BR

Interesting presentation!

BAA

Love the classes and course material CPE provides.