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Managing IRS Trust Fund Recovery Penalties

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Before starting this self study program, please go through the instructional document.

Overview

  • Teaching Experience
    2 mins
  • Who are responsible Person?
    12 mins
  • Procedure Matters
    24 mins
  • Litigation
    29 mins
  • Planning Options, Malpractice Avoidance
    36 mins

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. 

This online CPE webinar covers the following key topics:

  • 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.

Click here for more webinars on | Tax Planning | Business Taxes | Tax Updates | IRS Audit, Representation, and Resolutions |

Learning Objectives

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

Who Should Attend?

  • Accounting Firm
  • Accounting Managers
  • California Registered Tax Professional
  • CFO/Controller
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros

Testimonial

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