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Video instructions and help with filling out and completing Unpaid trust fund taxes
Today is March 17th 2022 and I'd like to welcome to this webinar on resolving 941 tax debts my name is Jason Bowman from tax marketing hq.com and for the next 15 minutes we're going to be discussing the special situations involved in resolving 941 tax liabilities why the liabilities are such a huge enforcement priority for the IRS and exactly how you can go about helping your clients with these employment tax problems so we're also assessing some specific penalties and some appeals options and of course we cannot discuss the 941 landscape without also talking about the trust fund every penalty the trust fund recovery penalty itself is a topic worthy of an hour or two of its own but again it's it's impossible to discuss the employment tax liability resolution without delving into the the trust fund world so we will be covering that there are there are a lot of trust fund items that are outside the scope of specifically what I'm going to be talking about day and so in the future I will be doing another webinar specifically on trust fund issues because there's just so much to cover within that all right so real quick the suck penalties first the first couple you should already be familiar with the failure to file and failure to pay penalties the failure to file penalties add up pretty quick it's 5% per month for the 25 percent cap there's also a minimum in case the the balance due on the return is that a really low or the original balance due on the return I mean and again mine were talkin 941 taxes here so minimum penalty 135 dollars or 100 percent of the tax view whichever is less the failure to pay penalty the failure to pay penalty is on top of the federal tax deposit penalty and this is 0.5% per month with the 25 percent cap now keep in mind that the the 25 percent cap on on the failure to file in the failure to pay penalties is aggregate between the two penalties okay the other thing that's very specific to employment tax situations is the federal tax deposit penalty and the the FTD penalty is interesting because it's if the only it scales very rapidly okay and it is also the only penalty that we have that really gives us a look inside why employment taxes are such a big issue to to the IRS okay because you see how quickly they escalate if federal tax deposits and this applies by the way to monthly depositors semi-weekly depositor doesn't matter what their deposit schedule is so if the deposit is between 1 in 5 days late the penalty is only 2% if it's six days to 15 days late 5% 16 days or more it's 10% now once the IRS sends a bill you know they actually send a notice of deficiency on the lack of federal tax deposits usually.