Payroll and Employment Taxes – Common Pitfalls

Recorded Webinar | Jessie Seaman | From: Mar 04, 2024 - To: Dec 31, 2024

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Recording     $249
Digital Download     $299
Transcript (PDF)     $249

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Sometimes businesses can do business accords the world, but fail to understand various compliances. Some of the major aspects include payroll, payroll taxes, payroll withholding, and exemptions, amid the other COVID challenges. Modern-day compliance is a disciplinary task with heavy consequences. Therefore businesses are required to ensure that they follow all the essentials.

This webinar focuses on federal tax filing and deposit requirements if a business issues payroll. 

Special attention will be paid to corporations taxed under subchapter S of the Internal Revenue Code since a “reasonable wage” requirement exists for many shareholders actively participating in the business. It will outline the differences between contract labor and employees so business clients may be counseled on Worker Classification.

The number one reason why small businesses end up in IRS Collection is due to payroll tax liabilities. Best described as the “easiest loan to take and the hardest to pay back,” payroll taxes represent nearly 75% of all revenues into the United States Treasury, and therefore an issue of utmost importance to the IRS. Hence the IRS has become much more aggressive in its plan to close this collection gap, including increased criminal enforcement for unpaid payroll taxes. The impact of the IRS's increased enforcement activities is to send more taxpayers scrambling for professional help in resolving their IRS problems.

Attendees in this webinar will learn about personal liability through the Trust Fund Recovery Penalty (TFRP) assessment for parties that are deemed responsible for payroll deposits. Strategies, IRS process, and timelines for TFRP representation, including the 4180 interviews, will be covered.

Learning Objectives:-

  • To analyze Worker’s Classification as an employee/wage-earner or contract laborer/self-employed taxpayer.
  • To identify when a “Reasonable Wage” must be paid to a Shareholder.
  • To discuss the federal tax forms business clients must file when payroll is issued. Advise clients of federal tax deposit schedules and the required mode (EFTPS), based on a client’s payroll tax during a “look-back period”.
  • To analyze the risk of personal liability to “responsible parties” in the case of a Trust Fund Recovery Penalty.
  • To explain to a client the 4180 interviews, including the documentation a Revenue Officer will request and the summons power utilized by the IRS. 
  • To explain the letters 1153 and 2751 regarding the IRS determination of TFRP assessment.

Areas Covered:-

  • Wages: Corporate Officers
  • S-Corporation Specific & S-Corporation Exceptions
  • Factors: Reasonable Compensation
  • Worker Classification
  • Voluntary Classification Settlement Program
  • Federal Payroll Filing Requirements
  • Federal Tax Deposits(FTDs): Who, How, & When
  • Lookback Period
  • What is the Trust Fund Recovery Penalty (TFRP)?
  • Form 4180
  • 4180 Interview