How to Effectively Handle IRS Notices Webinar Details Date : February 08th Wednesday 2017
Time : 01:00PM ET / 10:00AM PT Duration: 90 Minutes
Key Take Away
Speaker : Patrick A Haggerty Tax & Payroll Consultant.
This webinar will cover situations in which a business might receive IRS notices, how to respond to the notices, and how a business can protect itself through best practices and due diligence.
Overview The Internal Revenue Service (IRS) has many different types of notices that they may send out to taxpayers. It’s important to carefully read the notice to determine what the IRS is requesting. Some notices are information-only; that is, they do not require a response. Other notices require a prompt response; failure to respond timely could result in additional tax, interest, and penalties. Business taxpayers often receive notices related to payroll tax compliance and information return reporting.
Why Should You Attend The IRS sends notices to taxpayers for a variety of reasons. Just receiving a notice from the IRS can be an intimidating experience and, in some cases, the recipient of a notice is afraid to open it. Despite IRS efforts to write notices in a way that they are understandable, the notices often contain highly technical or confusing language. They are usually form letters that are computer generated and may refer to several possible reasons for the notice with little or barely noticeable specific information regarding the taxpayer’s specific situation.Understanding your IRS Notice, how to handle IRS Notices and dealing with IRS Notices, in the proper way is important. Failure to respond to a notice when required can lead to additional problems such as improper or avoidable tax, interest or penalty assessments. Failure to respond timely can as result in the loss or unintentional waiver of certain rights such as the right to appeal or file a claim with the tax court. In cases involving tax withholding and tax deposits, the IRS may also hold the taxpayer liable for unwithheld or undeposited taxes, or even failure to withhold the correct amount of tax. In other cases, it may propose to hold individuals personally liable for taxes that were withheld but were not deposited by a business. It is imperative that you use the available sources like IRS attorney, IRS help/ IRS tax help, IRS tax relief options, tax advisor, tax consultant, tax debt relief, tax resolution services for your existing IRS problems.
Areas Covered In This Webinar
Due diligence procedures for avoiding payee and employee tax ID number mismatch penalties
Employee lock-in letter processing How to handle a demand and notice letter regarding employee tip reporting The trust fund recovery penalty: What it is and who it affects, how to respond to proposed assessment Strategies for mitigating penalties Tax withholding and deposit procedures and notices Information return filing procedures and notices Solicitation and verification of payee tax ID numbers.
Know where to access information regarding a particular notice Know when and how to respond to a notice Understand how due diligence procedures can establish reasonable cause for penalty abatement or mitigation Know what actions are required in response to notices regarding incorrect payee name and tax ID numbers Understand how the “Demand and Notice” process works to collect employer taxes on employee tips Understand how failure to deposit “trust fund taxes” may lead to personal responsibility for payment of business tax liabilities Understand the importance of timely response to notice
Who Will Benefit
Payroll Supervisors and Personnel Accounts Payable Supervisors and Personnel Public Accountants Internal Auditors Tax Compliance Officers Enrolled Agents Officers and Managers with Tax Compliance Oversight Company/ Business Owners Managers/ Supervisors Public Agency Managers Audit and Compliance Personnel/ Risk Managers
Speakers Profile Patrick A Haggerty Pat Haggerty is a tax practitioner, author, and educator. His work experience includes non-profit organization management, banking, manufacturing accounting, and tax practice. He began teaching accounting at the college level in 1988. He is licensed as an Enrolled Agent by the U. S. Treasury to represent taxpayers at all administrative levels of the IRS and is a Certified Management Accountant. He has written numerous articles and a monthly question and answer column for payroll publications. In addition, he regularly develops and presents webinars and presentations on a variety of topics including Payroll tax issues, FLSA compliance, and information return reporting.
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Published on Jan 13, 2017
Understanding your IRS Notices, how to respond to them and how to safeguard your interests through due diligence