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Payroll Tax Pitfalls: Preventing IRS Penalties and Personal Liability for Late Payments

 

Gain a better understanding of how the Trust Fund Recovery Penalty works and how a business should respond when under investigation by the IRS.

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.

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Payroll Tax Pitfalls: Preventing IRS Penalties and Personal Liability for Late Payments

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Payroll Tax Pitfalls: Preventing IRS Penalties and Personal Liability for Late Payments

Faculty

Kevin M. Murphy

Kevin M. Murphy

Andreozzi Bluestein, LLP

  • Special counsel with Andreozzi Bluestein, LLP
  • The firm specializes in all aspects of complex tax controversies involving federal and state authorities including civil and criminal matters
  • Conducts regular seminars and also provides CPE credits to CPA’s on tax controversy issues
  • An adjunct professor of law at Canisius College
  • Recently co-wrote an article along with Gary Bluestein, a partner in the firm, “Federal Payroll Taxes: What The Practitioner Needs To Know”
  • Former Treasury Chief Counsel attorney and a Special Assistant U.S. Attorney
  • Member of the New York and Pennsylvania Bar
  • Can be contacted at 716-565-1100 or [email protected]
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Payroll Tax Pitfalls: Preventing IRS Penalties and Personal Liability for Late Payments

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