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Trust Fund Recovery Penalty: Defending Your Clients in IRS Enforcement Actions
When a company or organization fails to pay collected or withheld taxes, the IRS may impose a trust fund recovery penalty (TFRP), which requires the employer to hold the employee’s money in trust until a federal tax deposit can be made. When the IRS can’t immediately collect the unpaid trust fund taxes from the company, the TRFP can be assessed against those at the company who are responsible for withholding income and employment taxes, according to the IRS. Employees or officers who direct the collecting, accounting and payment of trust fund taxes are personally vulnerable to TFRP enforcement and fines by the IRS.
During this session, tax attorney Robert E. McKenzie will cover the rules for assertion of the TFRP and the tax or legal professional’s role in defending a person who is potentially liable. Learn how to help your clients properly collect, account for and pay income and employment taxes to the IRS on time, and how to keep them out of hot water should a mistake lead to IRS enforcement of the TFRP.
Basis for assertion of the TFRP
IRS investigative techniques
The interview form and its dangers
Computation of the TFRP
Assertion against multiple persons
Defense tactics – ways to assist your client
NASBA & IRS Category of Study: Taxes
Who Should Attend
Certified Public Accountants (CPAs)
Enrolled Agents (EAs)
Finance and Accounting Professionals
Accounting and Taxation Firms
Law firms dealing with tax issues
*Single User Price. For multiple users please call 1-800-223-8720
Robert E. McKenzie is a Partner of the law firm of Arnstein & Lehr LLP of Chicago, Illinois, concentrating his practice in representation before the Internal Revenue Service and state tax agencies. He has lectured extensively on the subject of tax representation and has presented courses be...