Payroll operations are rarely perfect. Regardlesss of your best efforts, information may not get to payroll in time to avoid late deposits, inaccurate returns, or missed payments. All of these can result in penalties. Further, if problems are found in audits, the penalties are usually more expensive, and can result in criminal charges.

The IRS has strict rules on penalties. They will always notify you about penalties assessed, telling you why the IRS believes the penalties apply. You can dispute them, and should if the IRS is in error. You should also dispute them in other circumstances. If you do owe it, paying as quickly as you can minimizes them and the interest that accrues.

First, you must understand under what circumstances penalties are applied. Most of us understand things like late deposit and late filing penalties. But underreporting or non-reporting of taxable wages remains a big threat to many employers. Be aware that many penalties increase the longer the debt remains unpaid.

Second, you should understand the most common causes of penalties, and how to avoid them. Then know which ones are considered more severe than others, resulting in penalties that can (and do) bankrupt businesses. Further, understand that the corporate veil that protects owners and officers from liability DOES NOT APPLY to payroll tax liability.

Third, learn how take action to minimize, reduce or effectively appeal the penalties. Even if the IRS is correct, under some circumstances they will waive them. If you cannot convince the IRS they are wrong, there are formal appeal processes you might want to take advantage of. This is particularly important when facing audit related penalties. So don't just accept what the auditor says - hold them accountable. You do so by knowing the criteria for assessment. Understand how to properly argue with the audtiors or, if necessary, appeal to the courts.
What You'll Learn:In this webinar you will learn:

• Types of Penalties
  
• Failure to File
  
• Failure to Pay
  
• Failure to Make Timely Deposits
  
• Failure to File Information Returns
  
• Causes and Severity
  
• First time filer
  
• Negligence
  
• Intentional Disregard
  
• Fraud
  
• Responsible Parties
  
• When the IRS will waive penalties
  
• Reasonable Cause
  
• Statutory Exceptions
  
• Administrative Waiver
  
• Undue Hardship
  
• Waiver Request best practices