Trust fund taxes can cause big problems for small businesses. When an employer withholds a portion of their employee’s wages to pay income taxes, Social Security and Medicare taxes, that money is held “in trust”. It must be paid to the Treasury on regular schedule. Problems arise when the business uses those funds for other purposes, such as paying rent, utilities or suppliers. Many business owners fail to realize when they prioritized other creditors over the federal government is that the IRS can collect business back taxes from you personally.
This webinar will be an introduction to the Trust Fund Recovery Penalty for not paying payroll taxes. During this one-hour presentation participants will review what the Federal payroll tax obligations are for employers. Participants will also be made aware of payroll pitfalls that small businesses should avoid to avoid the trust fund recovery penalty, who is responsible for the trust fund recovery penalty, and how to help them if they find themselves facing the trust fund recovery penalty.
Areas covered in this Training-
-What are payroll taxes?
-When are payroll taxes due?
-The consequences of payroll taxes not being filed on time.
-What is the trust fund recovery penalty?
-Who is responsible for the trust fund penalty?
-How to help your client facing the trust fund recovery penalty.
Why Attend this Training –
After this webinar participants will understand how detrimental the trust fund recovery penalty can be to a small business. Participants will also understand the obligations that small businesses have to pay payroll taxes on time. After leaving this webinar participants will be able to go to clients facing payroll issues and help them with getting their payroll tax issue situated with the IRS.
Suggested Attendees –
-Payroll specialists that work with small businesses that run payroll
Timalyn S. Bowens, EA, is an IRS-licensed enrolled agent who has been working in the tax industry for 11 years. She started Bowens Tax & Bookkeeping Solutions in 2016, helping small businesses keep their records straight and compliant with the IRS.
After becoming an enrolled agent in 2018, she began to fully help her clients negotiate with the IRS and represent them in audits. In 2021, her company became Bowens Tax Solutions as their primary focus is now to represent taxpayers before the IRS.
Timalyn is a member of the National Association of Enrolled Agents (NAEA) and the American Society of Tax Problem Solvers (ASTPS). She will be a speaker at an NAEA event later this year to train other tax professionals on a representation topic. She was also a speaker at the Tax and Accounting Summit of 2021.
In addition, Timalyn is a member of the Bellarmine University Alumni Board of Directors, where she serves on the mentor committee. She is also a Bellarmine University Alumni Ambassador, helping prospective students learn more about the university.
She serves as the treasurer on the board of TECH-nique, a nonprofit that helps girls of color get hands-on exposure to STEM. Timalyn also serves on a committee, S.O.S., which helps unhoused women in the Louisville Metro area.
Clatid is registered with the National Association of State Boards of Accountancy (NASBA) as a 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: www.nasbaregistry.org.
How do I get enrolled for this webinar/course?
Sign up now on clatid.io. Visit clatid.io/webinar to discover a wide range of webinars from industry specialists. Tick on either ‘live webinar’ or ‘on-demand’, and simply click on ‘buy now’ to get enrolled.
How can I access the live webinar?
Go for the topic of your keen interest on clatid.io. Tick on ‘live webinar’ and get enrolled! Easy registration, transparent transaction.
Can I attend the webinar without an internet connection?
You can request for an on-demand webinar that records the live webinar for you. After the webinar ends, you will have full access to the webinar’s recording. You can also explore Clatid offline to order your webinar DVDs, flash drives and transcripts.
What is an “On Demand”?
If you can’t attend the live webinar, simply go for the ‘on-demand webinar’ for the same price! Now, the live webinar recording will be saved in a cloud storage for you to access anytime from anywhere.
I missed the live webinar. What now?
Clatid brings a variety of options for offline learning. Order your DVDs, flash drives or transcripts now to have a lifetime access to Clatid webinars. You can also go for on-demand recordings. Download and watch it anytime from anywhere in the world!
Isn't it helpful?
Ask your question directly from our expert