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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.
-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.
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.
-CPA
-Enrolled Agent
-Tax professionals
-Payroll Professionals
-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.
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