Video instructions and help with filling out and completing Are Form 843 Payroll

Instructions and Help about Are Form 843 Payroll

Hi this is very tax law and today I will talk with you about the trust fund recoverability this is a penalty that the IRS levies against business owners or other individuals who failed to withhold employment tax and page of Internal Revenue Service for their employees so if you follow the 1941 a 944 and a 940 turn a year then floors Corley tax renters in 1941 the 941 is an annual if you have a little if you don't pay as much wages that that requires you to do it every quarter or the 940 which is the unemployment tax attorney in Chicago you're required to withhold taxes on every proverbial I could use the word $1.00 very ways that you pay out of every $1 the employee gets gets the withheld the Social Security tax that's point one to four percent a very dollar they withhold Medicare tax which is point zero to nine percent of every one dollar and then they're married one single in three you know their individual withholdings so every dollar he withhold that tax but as the business owner as only the corporation as the corporation you're required to match their Social Security one point two four point one to four percent and Medicare at point zero to nine percent you match that the corporate profits and then cut off employees money so the money that you hold for the employee out of there or one dollar is called a trust fund you are holding it in trust with employee and they were making it to the Internal Revenue Service which then goes to fund Medicare when you retire when employees retire and it goes to fund Social Security retirement benefits Tyron agent start drama social security when the business fails to it hope that tax the IRS can levy a penalty on the persons that were willful and responsible willfulness receive a master with responsibility who was responsible for withholding attacks who calculated the table who made the federal tax deposits who filed the tax returns whose job was it to say take this money on the account and supposed to put it to the similar put it to the side in the mail to the IRS responsibility then there's willfulness then I locally take this 15% 15.3% of every dollar and not do it and I chose to do something else with the money I pay the bills I put it in my pocket I bought other equipment for my business and hire employees when I did not pay the taxes if the revenue officer is conducting the investigation finds that a person was responsible and well they can then take that 15.3% give or take a few bucks and then transfer that liability from the company going to that individual or individuals as a personal and individual assessment now it goes from the corporation and a corporation's tax ID number to an individual in the individuals name individual social security number and once that's assessed against them they can come after your personal assets your home your car your credit cards your retirement accounts your investments and they collect that money from you personally and they can do that for anyone they find was willful and responsible but a lot more details are going to McCarver tell me there are a lot of ways of protecting a person from the trust from recover tell me but if if you own corn taxes and higher risk shows of extra places businesses and they give you you know documentation to say hey you know we're looking into a trust fund penalty of a hundred thousand dollars or fifty thousand dollars or fifteen thousand dollars you better stop get someone to help you get representation because this is not going to go away those revenue officers are already officer funds ten years trust me they get their money they will get the government paid one way or another you're not going to wake them up you're not going to block them they're going to get the money so you better get the best representation possible to protect you from this because there are ways of it not hitting you personally but you need to take advantage and you have to get someone who can help you I've done hundreds and hundreds of trusted investigations when I was a regular officer and I protected my clients is 2013 and Trust Fund cover your parents it is definitely important that you get reach out and get you someone quickly so you can stop this process before it gets too late so if you have that need you can give us a call here at at school two five six four two nine nine two two nine visit us on the web at www.export.gov go in the menu bar and click on schedule a time with me I'll give here free 15 20 minute 30 minutes of times an hour I will talk with people for an hour after food Constitution I know it says 20 minutes but I've taught me as long as it takes to get you some get you on the right path so free consultation doesn't cost you anything to take it and reach out to me I'll be glad to help you and other than that if the IRA shows up please get help from someone even if it's not me don't let them ruin your business or because you didn't reach out to get someone to help you through this time again my name is Vernon attacks Corky's like and share this paint please like my page and subscribe and get other videos as they're posting a little Chinese on a regular basis and share them with your friends you