On Demand Webinar
Webinar Details $219
- Webinar Length: 100 Minutes
- Guest Speaker: Christine Stolpe
- Topic: Payroll
- Credit: CPE 2.0, ATAPR 1.5, RCH 1.5
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Welcome to our comprehensive guide on steering clear of payroll penalties and skillfully navigating the waiver request process. Designed for mid- to novice-level payroll and human resources professionals, this webinar will equip you with the necessary insights and strategies to ensure compliance and handle penalty-related challenges effectively.
Six Key Learning Objectives:
•Understanding Penalty Assessments
•Proactive Measures for Penalty Avoidance
•Responding to Penalty Notices
•Successful Penalty Abatement
•Essential legal definitions bonus section
- Introduction
- Objectives 00:03:24
- Understanding Penalty Assessments 00:05:58
- Common Notice Types 00:05:20
- Causes 00:15:54
- Beware of Pitfalls 00:21:26
- Prevention 00:23:10
- Compliance 00:26:36
- Practical Strategies 00:31:39:
- Decoding Penalty Notices 00:43:21
- First Steps 00:43:34
- Examples 00:52:41
- What’s Next? 00:56:54
- Key Components 00:57:24
- Sample Waiver Request 01:04:03
- Being Persuasive 01:07:11
- Abatements - How To Increase The Odds 01:09:55
- Decision - Getting The Penalty Waived 01:12:38
- Bonus Section 01:16:11
- Reasonable Cause 01:16:29
- Questions 01:20:05
- Key Take-Aways 01:20:39
- Thank You 01:29:06
- Presentation Closing 01:41:01
- Abatement 00:04:26, 01:10:03, 01:10:04
- Audit 00:07:59, 00:25:13, 00:25:23
- Federal Unemployment Tax Act (FUTA) 00:07:07
- Form 941-X 00:26:17
- Liability 00:38:16
- Mitigate Circumstances 01:18:29
- Negligence Penalty 01:19:19, 01:19:47, 01:19:56
- Nexus 00:26:14
- Payment Method Update Notice 00:14:01
- Reasonable cause - 01:16:32, 01:16:38, 01:16:56, 01:17:15
- Substantial Authority 01:17:27, 01:17:32, 01:17:56, 01:18:15
Abatement: A tax abatement is defined as the reduction of, or exemption from, taxes granted by a government for a specified period, usually to encourage certain activities such as investment in capital equipment (which includes buildings). A tax incentive is a form of tax abatement.
Audit: A formal examination of an organization's or individual's accounts or financial situation
Federal Unemployment Tax Act (FUTA): The Federal Unemployment Tax Act (FUTA) is a federal law that imposes an unemployment tax on employers. The FUTA tax funds the federal government's oversight of each state's unemployment program. Only employers pay FUTA tax. You must deposit the tax quarterly and file an annual form.
Form 941-X: Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund.
Liability: In financial accounting, a liability is defined as the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.
Mitigating Circumstances: Factors that may lessen the severity of a penalty imposed by tax authorities, including situations where the taxpayer demonstrates a good faith effort to comply or rectify the issue.
Negligence Penalty: A fine or penalty is imposed on a taxpayer for failing to exercise reasonable care in complying with tax laws, typically from inadvertent errors or omissions in tax filings or payments.
Nexus: The term nexus is used in tax law to describe a situation in which a business has a "nexus" or tax presence in a particular state or states. A nexus is basically a connection between a taxing jurisdiction, like a state, and an entity like a business that must collect or pay the tax.
Payment Method Update Notice: This notice is sent if a taxpayer's tax debt (tax due, penalties, and interest) is final and collectible, but has not been paid in full.
Reasonable Cause : Reasonable cause is based on all the facts and circumstances in your situation. The IRS will consider any reason which establishes that you used all ordinary business care and prudence to meet your federal tax obligations but were nevertheless unable to do so.
Substantial Authority: A standard used to determine whether a taxpayer can avoid penalties for underpayment of taxes if they can prove that there was a substantial authority for the tax treatment of the items in question.
