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Resolving Payroll Tax Problems
The document outlines a presentation aimed at helping business owners resolve payroll tax problems, detailing five essential steps to compliance and resolution. It highlights common payroll tax mistakes, such as late filing and incorrect worker classification, and emphasizes the importance of understanding one's rights and developing a proactive plan. Additionally, it promotes consulting with Legacy Tax Resolution Services to seek expert advice on managing tax issues.
Resolving Payroll Tax Problems
- 1. LegacyTaxResolutionServices.com (855) 829-5877 5 EssentialSteps to Resolving Business Payroll Tax Problems
- 2. LegacyTaxResolutionServices.com (855) 829-5877 Contact Us taxguru@LTaxRS.com 855-829-5877phone number Offices throughout the country www.legacytaxresolutionservices.com
- 3. LegacyTaxResolutionServices.com (855) 829-5877 The CompanyIdeology The Rescue Squad for Overtaxed and Troubled Taxpayers. 1.
- 4. LegacyTaxResolutionServices.com (855) 829-5877 “ Who WillBenefit From this Presentation?
- 5. LegacyTaxResolutionServices.com (855) 829-5877 “ Who WillBenefit From this Presentation? • Business Owners who owe taxes or have issues with either IRS and/or State
- 6. LegacyTaxResolutionServices.com (855) 829-5877 “ Who WillBenefit From this Presentation? • Business Owners who want to avoid owing the IRS and/or State
- 7. LegacyTaxResolutionServices.com (855) 829-5877 “ Who WillBenefit From this Presentation? • Construction, Restaurants, Law Firm/Attorneys, or owners of any other business with employees
- 8. LegacyTaxResolutionServices.com (855) 829-5877 You maybe feeling confused, unsure, worried about your payroll taxes and how to deal with the IRS or State
- 9. LegacyTaxResolutionServices.com (855) 829-5877 • Youwill feel confident and prepared, Benefits of this Webinar
- 10. LegacyTaxResolutionServices.com (855) 829-5877 • Youwill have a plan to solve and/or avoid IRS and/or State business payroll tax problems! Benefits of this Webinar
- 11. LegacyTaxResolutionServices.com (855) 829-5877 • Youwill come away with a roadmap to solve your payroll tax issues and get back to business Benefits of this Webinar
- 12. LegacyTaxResolutionServices.com (855) 829-5877 Process forResolving Payroll Tax Problems Understand Common Payroll Tax Mistakes. Step 1
- 13. LegacyTaxResolutionServices.com (855) 829-5877 Process forResolving Payroll Tax Problems Avoid the Trust Fund Recovery Penalty Step 2
- 14. LegacyTaxResolutionServices.com (855) 829-5877 Take Actionto Get Into Compliance Step 3 Process for Resolving Payroll Tax Problems
- 15. LegacyTaxResolutionServices.com (855) 829-5877 Know YouRights and Potential Resolutions Options Step 4 Process for Resolving Payroll Tax Problems
- 16. LegacyTaxResolutionServices.com (855) 829-5877 Make aPlan of Action to Resolve Past Tax Debts . Step 5 Process for Resolving Payroll Tax Problems
- 17. LegacyTaxResolutionServices.com (855) 829-5877 5 CommonPayroll Tax Mistakes The Rescue Squad for Overtaxed and Troubled Taxpayers 1) Filing Payroll Taxes Late
- 18. LegacyTaxResolutionServices.com (855) 829-5877 5 CommonPayroll Tax Mistakes The Rescue Squad for Overtaxed and Troubled Taxpayers 1) Filing Payroll Taxes Late 2) Not Keeping Payroll Tax Reports
- 19. LegacyTaxResolutionServices.com (855) 829-5877 5 CommonPayroll Tax Mistakes The Rescue Squad for Overtaxed and Troubled Taxpayers 1) Filing Payroll Taxes Late 2) Not Keeping Payroll Tax Reports 3) Incorrect Worker Classification
- 20. LegacyTaxResolutionServices.com (855) 829-5877 5 CommonPayroll Tax Mistakes The Rescue Squad for Overtaxed and Troubled Taxpayers 1) Filing Payroll Taxes Late 2) Not Keeping Payroll Tax Reports 3) Incorrect Worker Classification 4) Not Having Sufficient Funds to Pay Taxes
- 21. LegacyTaxResolutionServices.com (855) 829-5877 5 CommonPayroll Tax Mistakes The Rescue Squad for Overtaxed and Troubled Taxpayers 1) Filing Payroll Taxes Late 2) Not Keeping Payroll Tax Reports 3) Incorrect Worker Classification 4) Not Having Sufficient Funds to Pay Taxes 5) Not Making Payroll Taxes a Priority
- 22. LegacyTaxResolutionServices.com (855) 829-5877 Employee vs.Independent Contractors 3) Incorrect Worker Classification
- 23. LegacyTaxResolutionServices.com (855) 829-5877 Employee vs.Independent Contractors • Must classify a worker as either an employee or an Independent Contractor. 3) Incorrect Worker Classification
- 24. LegacyTaxResolutionServices.com (855) 829-5877 Employee vs.Independent Contractors • Employers pay payroll taxes for an employee but not an independent contractor 3) Incorrect Worker Classification
- 25. LegacyTaxResolutionServices.com (855) 829-5877 Complications IfYou Get This Wrong 1) IRS often audits businesses for workers classification . Potential Result Back taxes Penalties 3) Incorrect Worker Classification
- 26. LegacyTaxResolutionServices.com (855) 829-5877 Complications IfYou Get This Wrong 2) Employees may sue to recover lost wages. Potential Result Back pay Liquidating damages Attorney’s fee Court costs 3) Incorrect Worker Classification
- 27. LegacyTaxResolutionServices.com (855) 829-5877 Complications IfYou Get This Wrong 2) Employees may sue to recover lost wages. Potential Result Back pay Liquidating damages Attorney’s fee Court costs This can often be more than the back taxes owed. 3) Incorrect Worker Classification
- 28. LegacyTaxResolutionServices.com (855) 829-5877 3) IncorrectWorker Classification The Rescue Squad for Overtaxed and Troubled Taxpayers 7 Factors- Employee vs. Independent Contractor 1) Control- Degree of control exercised by the principal over the work’s details a) The most important factor b) Control means control over the means, not only the results
- 29. LegacyTaxResolutionServices.com (855) 829-5877 3) IncorrectWorker Classification The Rescue Squad for Overtaxed and Troubled Taxpayers 7 Factors- Employee vs. Independent Contractor 2) Which party invests in the facilities/tools used by the worker a) Is an office provided? b) Who owns the tools used by the worker?
- 30. LegacyTaxResolutionServices.com (855) 829-5877 3) IncorrectWorker Classification The Rescue Squad for Overtaxed and Troubled Taxpayers 7 Factors- Employee vs. Independent Contractor 3) The opportunity for the worker to earn a profit or suffer a loss
- 31. LegacyTaxResolutionServices.com (855) 829-5877 3) IncorrectWorker Classification The Rescue Squad for Overtaxed and Troubled Taxpayers 7 Factors- Employee vs. Independent Contractor 4) Whether the principal can discharge the worker
- 32. LegacyTaxResolutionServices.com (855) 829-5877 3) IncorrectWorker Classification The Rescue Squad for Overtaxed and Troubled Taxpayers 7 Factors- Employee vs. Independent Contractor 5) Whether the worker is part of the principal’s regular day-to-day business
- 33. LegacyTaxResolutionServices.com (855) 829-5877 3) IncorrectWorker Classification The Rescue Squad for Overtaxed and Troubled Taxpayers 7 Factors- Employee vs. Independent Contractor 6) The permanency of the relationship
- 34. LegacyTaxResolutionServices.com (855) 829-5877 3) IncorrectWorker Classification The Rescue Squad for Overtaxed and Troubled Taxpayers 7 Factors- Employee vs. Independent Contractor 7) The relationship the parties believe they are creating But if the employer/employee relationship exist, the party's description is immaterial
- 35. LegacyTaxResolutionServices.com (855) 829-5877 • Taxesmust be withheld from the employees’ wages as part of a fiduciary duty 2) Avoid The Trust Fund Recovery Penalty
- 36. LegacyTaxResolutionServices.com (855) 829-5877 • Liabilityimposed on the “Responsible Persons” 2) Avoid The Trust Fund Recovery Penalty
- 37. LegacyTaxResolutionServices.com (855) 829-5877 • Dependson degree of control of finances and ability to direct payments 2) Avoid The Trust Fund Recovery Penalty
- 38. LegacyTaxResolutionServices.com (855) 829-5877 • Willfulness=Negligence- low standard 2) Avoid The Trust Fund Recovery Penalty
- 39. LegacyTaxResolutionServices.com (855) 829-5877 Avoiding theTrust Fund Recovery Penalty • Offer evidence that you are not a “Responsible Person 2) Avoid The Trust Fund Recovery Penalty
- 40. LegacyTaxResolutionServices.com (855) 829-5877 Avoiding theTrust Fund Recovery Penalty • Pay employment taxes with an Installment Agreement 2) Avoid The Trust Fund Recovery Penalty
- 41. LegacyTaxResolutionServices.com (855) 829-5877 Avoiding theTrust Fund Recovery Penalty • Designate voluntary payment to the trust fund taxes 2) Avoid The Trust Fund Recovery Penalty
- 42. LegacyTaxResolutionServices.com (855) 829-5877 3) TakeAction To Become Current The Rescue Squad for Overtaxed and Troubled Taxpayers 1) File any overdue tax returns
- 43. LegacyTaxResolutionServices.com (855) 829-5877 3) TakeAction To Become Current The Rescue Squad for Overtaxed and Troubled Taxpayers 2) Beginning now, file all returns timely.
- 44. LegacyTaxResolutionServices.com (855) 829-5877 3) TakeAction To Become Current The Rescue Squad for Overtaxed and Troubled Taxpayers 3) Beginning now, pay all federal tax deposits timely.
- 45. LegacyTaxResolutionServices.com (855) 829-5877 Rights (Tenin Total)- Most Important 1) You have the right to be treated fairly 4. Know Your Rights and Potential Resolution Options
- 46. LegacyTaxResolutionServices.com (855) 829-5877 Rights (Tenin Total)- Most Important 2) You have the right to be represented 4. Know Your Rights and Potential Resolution Options
- 47. LegacyTaxResolutionServices.com (855) 829-5877 Options 1) InstallmentAgreement 4. Know Your Rights and Potential Resolution Options
- 48. LegacyTaxResolutionServices.com (855) 829-5877 Options 2) Offerin Compromise 4. Know Your Rights and Potential Resolution Options
- 49. LegacyTaxResolutionServices.com (855) 829-5877 Options 3) CurrentlyNot Collectible Status 4. Know Your Rights and Potential Resolution Options
- 50. LegacyTaxResolutionServices.com (855) 829-5877 Options 4) More 4.Know Your Rights and Potential Resolution Options
- 51. LegacyTaxResolutionServices.com (855) 829-5877 If aRevenue Officer Shows Up at Your Home or Place of Business 1) Right to seek representation 4. Know Your Rights
- 52. LegacyTaxResolutionServices.com (855) 829-5877 If aRevenue Officer Shows Up at Your Place of Business 2) Right to reschedule the initial interview 4. Know Your Rights
- 53. LegacyTaxResolutionServices.com (855) 829-5877 5. Makea Plan to Resolve Your Tax Problems • Determine the extent of the problems The Rescue Squad for Overtaxed and Troubled Taxpayers
- 54. LegacyTaxResolutionServices.com (855) 829-5877 5. Makea Plan to Resolve Your Tax Problems • Determine the possible solution(s) The Rescue Squad for Overtaxed and Troubled Taxpayers
- 55. LegacyTaxResolutionServices.com (855) 829-5877 5. Makea Plan to Resolve Your Tax Problems • Compile and organize support documents The Rescue Squad for Overtaxed and Troubled Taxpayers
- 56. LegacyTaxResolutionServices.com (855) 829-5877 5. Makea Plan to Resolve Your Tax Problems • Review your options The Rescue Squad for Overtaxed and Troubled Taxpayers
- 57. LegacyTaxResolutionServices.com (855) 829-5877 5. Makea Plan to Resolve Your Tax Problems • Negotiate an agreement with the IRS The Rescue Squad for Overtaxed and Troubled Taxpayers
- 58. LegacyTaxResolutionServices.com (855) 829-5877 5. Makea Plan to Resolve Your Tax Problems • Review your options Option 1- Currently Not Collectible Status Undue hardship/inability to pay, or No assets The Rescue Squad for Overtaxed and Troubled Taxpayers
- 59. LegacyTaxResolutionServices.com (855) 829-5877 5. Makea Plan to Resolve Your Tax Problems • Review your options Option 2) Collection statute has expired The Rescue Squad for Overtaxed and Troubled Taxpayers
- 60. LegacyTaxResolutionServices.com (855) 829-5877 5. Makea Plan to Resolve Your Tax Problems • Review your options Option 3) Business Installment Agreement Able to pay within 24 months & owe < $25,000 Able to pay before the collection statute expires The Rescue Squad for Overtaxed and Troubled Taxpayers
- 61. LegacyTaxResolutionServices.com (855) 829-5877 5. Makea Plan to Resolve Your Tax Problems • Review your options Option 4) Offer in Compromise Settle the tax debt for less than the full amount Available only under extreme circumstances Business must be current on all filings and deposits Based on assets and projected future income The Rescue Squad for Overtaxed and Troubled Taxpayers
- 62. LegacyTaxResolutionServices.com (855) 829-5877 5) Makea Plan to Avoid Future Problems • Budget for payroll tax payments and deposits The Rescue Squad for Overtaxed and Troubled Taxpayers
- 63. LegacyTaxResolutionServices.com (855) 829-5877 5) Makea Plan to Avoid Future Problems • Use a professional payroll provider The Rescue Squad for Overtaxed and Troubled Taxpayers
- 64. LegacyTaxResolutionServices.com (855) 829-5877 5. Makea Plan to Avoid Future Problems • Make sure they are doing their job correctly The Rescue Squad for Overtaxed and Troubled Taxpayers
- 65. LegacyTaxResolutionServices.com (855) 829-5877 5. Makea Plan to Avoid Future Problems • Pay attention to IRS notices The Rescue Squad for Overtaxed and Troubled Taxpayers
- 66. LegacyTaxResolutionServices.com (855) 829-5877 Let’s ReviewThe Steps Step 1 Avoid Problems- Five Common Mistakes
- 67. LegacyTaxResolutionServices.com (855) 829-5877 Let’s ReviewThe Steps Limit Personal Liability- Avoid the Trust Fund Recovery Penalty Step 1 Step 2 Avoid Problems- Five Common Mistakes
- 68. LegacyTaxResolutionServices.com (855) 829-5877 Let’s ReviewThe Steps Limit Personal Liability- Avoid the Trust Fund Recovery Penalty Step 1 Step 2 Avoid Problems- Five Common Mistakes Take Action to Become Current with Payroll Taxes Step 3
- 69. LegacyTaxResolutionServices.com (855) 829-5877 Let’s ReviewThe Steps Limit Personal Liability- Avoid the Trust Fund Recovery Penalty Step 1 Step 2 Avoid Problems- Five Common Mistakes Take Action to Become Current with Payroll Taxes Step 3 Step 4 Know Your Rights and Potential Resolution Options
- 70. LegacyTaxResolutionServices.com (855) 829-5877 Let’s ReviewThe Steps Limit Personal Liability- Avoid the Trust Fund Recovery Penalty Step 1 Step 2 Avoid Problems- Five Common Mistakes Take Action to Become Current with Payroll Taxes Step 3 Step 4 Know Your Right and Potential Resolution Options Step 5 Make a Plan to Resolve your Tax Problems
- 71. LegacyTaxResolutionServices.com (855) 829-5877 Our Three-StepProcess to Solve Payroll Tax Problems • Initial Consultation to find out if we can help
- 72. LegacyTaxResolutionServices.com (855) 829-5877 Our Three-StepProcess to Solve Payroll Tax Problems • Initial Consultation to find out if we can help • Case Evaluation- Amount Owed and Financial Review
- 73. LegacyTaxResolutionServices.com (855) 829-5877 Our Three-StepProcess to Solve Payroll Tax Problems • Initial Consultation to find out if we can help • Case Evaluation- Amount Owed and Financial Review • Resolution- We review your options and get to work
- 74.
- 75. LegacyTaxResolutionServices.com (855) 829-5877 Who IsThis Not For? People Who like to ignore their Problems
- 76. LegacyTaxResolutionServices.com (855) 829-5877 Who IsThis Not For? People Who like to ignore their Problems Those who don’t take responsibility for their circumstances
- 77. LegacyTaxResolutionServices.com (855) 829-5877 Who IsThis Not For? People Who like to ignore their Problems Those who don’t take responsibility for their circumstances Business owners who don’t value themselves and their business
- 78. LegacyTaxResolutionServices.com (855) 829-5877 Outcome ofUsing Our Services? Peace of mind knowing ALL solutions were considered
- 79. LegacyTaxResolutionServices.com (855) 829-5877 Outcome ofUsing Our Services? Peace of mind knowing ALL solutions were considered Develop a plan to resolve taxes and stay in business
- 80. LegacyTaxResolutionServices.com (855) 829-5877 Outcome ofUsing Our Services? Peace of mind knowing ALL solutions were considered Develop a plan to resolve taxes and stay in business May be able to reduce taxes, delay payment and limit IRS penalties
- 81. LegacyTaxResolutionServices.com (855) 829-5877 ❑ TaxPreparation/Planning Company Services ❑ Tax Resolution (Federal & State) ❑ Entity Structuring/Planning/Setup ❑ Debt Resolution (Debt Management/Settlement/Bankruptcy. ❑ Accounting with a Focus on Profit Maximization ❑ Payroll
- 82. LegacyTaxResolutionServices.com (855) 829-5877 Thanks Youfor Attending Complimentary Consultation www.legacytaxresolutionservices.com info@LTaxRS.com 855-829-5877 30-Minute Initial Consultation to find out if we can help • Discuss your tax problems and potential solutions https://calendly.com/taxman/payroll-tax-problem-resolution- initial-consultation
- 83. LegacyTaxResolutionServices.com (855) 829-5877 Thanks Youfor Attending Complimentary Consultation www.legacytaxresolutionservices.com info@LTaxRS.com 855-829-5877 30-Minute Initial Consultation to find out if we can help • Find out if we may be able to help you https://calendly.com/taxman/payroll-tax-problem-resolution- initial-consultation
- 84. LegacyTaxResolutionServices.com (855) 829-5877 Thanks Youfor Attending Complimentary Consultation www.legacytaxresolutionservices.com info@LTaxRS.com 855-829-5877 30-Minute Initial Consultation to find out if we can help • Contact us by phone or set up an complimentary consultation https://calendly.com/taxman/payroll-tax-problem-resolution- initial-consultation