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Validity : 13th Apr'24 to 23rd Apr'24
How to Resolve IRS Debt
- Implications related to employer payroll tax liability
- Who is liable for Trust fund recovery civil penalties?
- Statute of limitations on collection period
- Analysis of federal income tax assessments and debt
- Court petitions and IRS Collection Appeals
- Lien and Levy assessments
- Details regarding filing bankruptcy protection
- Limitations and procedure for IRS asset seizure
- IRS penalties and interest
Overview of the webinar
This webinar will introduce taxpayer programs offered by the IRS to satisfy tax debt. It will also provide taxpayers with information on how to best settle or even eliminate a portion of their federal income and/or payroll tax debt.
Attendees will learn best methods for negotiating federal income and payroll tax debt through the use of available tools sanctioned under the Taxpayer Bill of Rights.
Some other learning outcomes include:
1. How to get an IRS lien removed?
2. How to obtain release of an IRS levy?
3. What are the levy limitations on wages? 4. When will the IRS seize business assets to satisfy tax debt?
5. How to prepare due diligence reports to petition the lowest possible payment plan?
6. What is required to secure lien removal?
7. What are taxpayer defenses against levies and liens?
8. How to prepare an offer to eliminate a portion of tax debt?
9. What are the due process rules which bind the IRS collection process?
10. How to shelter income tax by filing bankruptcy?
Who should attend?
- Controllers
- Vice President of Finance
- Accounting Managers
- Payroll Manager
- Payroll Supervisor
- Accounts Payable Manager
- Entrepreneurs
- Owners
- Lawyers
- Doctors
- Truck drivers
- Insurance agents
- Investment representatives
- Financial representatives
- Mortgage brokers
- Salesmen.
Why should you attend?
Is your business burdened with past due IRS payroll tax debt? Or maybe your personal federal income tax has been unpaid for several years?
IRS penalties for unpaid taxes can easily reach 100% of the unpaid amount. But penalties for not filing income taxes carry stiffer monetary penalties and can be deemed tax evasion which has a maximum five year prison sentence. The largest and most aggressive debt collector is the IRS. The IRS has access to personal and business financial information for the purpose of imposing bank levies, wage garnishments, liens and involuntary property sales to satisfy uncollected income and payroll tax debt The most recent IRS statistics show that unpaid income tax between 2008 and 2010 reached approximately $458 billion annually but $52 billion was collected by the IRS after contacting those individuals. About 84 percent of this tax gap ($406 billion) comes from taxpayers underreporting income and nearly one half comes from underreporting pass-through business income, small corporation income and self-employment payroll tax. So what rights do business owners and other individuals have when faced with unpaid income and payroll tax debt? What steps should you take to cure federal income tax debt?
Faculty - Mr.E. Pete Lewis
Mr. E. Pete Lewis is a principal at Lewis & Associates Tax Planning, Inc., (LATP) in St. Charles, Illinois. He is a CPA and Enrolled Agent Admitted to Practice Before the IRS. He organized LATP in 2008 after spending 30 years of working in tax management positions for Chicago area law firms, public accounting firms and corporations. Mr. Lewis is also an Adjunct Professor at DePaul University’s School of New Learning and University of Phoenix School of Business, Chicago on-ground campus.
LATP provides tax planning, compliance, IRS debt resolution and audit representation before federal and state tax authorities.