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OnDemand Course

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.

Learning Objectives

  • 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.

Runtime: 89 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

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
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on November 8, 2019.

Call 1-866-352-9540 for further credit information.

  • CPE/NASBA - QAS Self Study 2.2 including Taxes 2.2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.2 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.2 hours. Prerequisite: intermediate knowledge of taxation. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 407211
Published 2019
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