Form 843 Basics 2011-2023

Instructions and Help about Form 843 Basics

Thank you for joining us we are doing the trust fund recovery penalty basics course as we go through the course within the next hour we're gonna touch on a little bit about what trust fund recovery penalty basics are we'll talk about some compliance issues and concerns the diary's has as well as some recent efforts and new things they're doing about taking care of those concerns well touch on the trust fund recovery penalty of course talking about it directly really understanding it and some strategies for its defense for your client and we'll talk about employers their unfiled and unpaid employment tax issues even though that may not seem like it there are some strategies that you can use that help to eliminate or prevent as much of the trust fund recovery penalty risk so we're gonna dive right into this and first of all we need to just make sure that it that you have a good understanding as to what this area is when we talk about trust fund recovery penalties so as you can imagine the IRS is very concerned as well as the Department of Justice because so much of our revenue more than seventy percent of all revenues collected by the Treasury comes in through employment taxes one-third about 33% of that is just so scary Medicare and unemployment so you can imagine if there is a large portion of this that is not being paid so we'll talk about the tax gap would exactly is the tax gap that is the difference between what should be paid versus what is actually coming into the Treasury so as of April of 2023 which they put these statistics out every once in a while 458 billion dollars is the tax cap but of...