How To Prepare for A Payroll Tax Audit 2023 - Former Auditor's Expert Advice

🎤  Mark Schwartz          |  📅  August 28, 2023   |  🕒  11 AM Eastern Time US

AREAS COVERED IN THE SESSION:  Types of audits that require payroll and hr records Current IRS Focus in their audit program Consultant’s experience as a former auditor How the IRS determines issues for your company Audit penalties - how to minimize and/or get them waived Audit assessments - payment proposals, appeals, etc. How you and your employees should conduct yourself during an audit Standing up for your rights Responsible party assessments What to do when it is all over

Description:

 Preparing for a Payroll Tax Audit: A Comprehensive Guide:

Are you faced with the daunting task of preparing for a payroll tax audit? Despite your best efforts, the inevitable has happened – you've been "selected." Now is the time to exercise extreme caution. Discover effective strategies to negotiate the time and expenses involved in an audit, and learn how to prepare both your employees and yourself for interviews. Remember, what you say and how you say it can make a significant difference. Moreover, the records you provide during the audit can have far-reaching implications, potentially triggering additional audits if mishandled.

Dealing with Assessments, Penalties, and Interest: Navigating the Aftermath:

So, the audit has concluded, or perhaps you're facing penalties and interest due to a simple mistake like late depositing or filing. It's crucial not to surrender passively in such situations. Once assessed, you have nothing to lose, so it's worth exploring the possibility of requesting a waiver. Learn the art of effectively making this request and understand when it may be a lost cause. When it comes to audits, knowledge of minimizing consequences is key.

The Dreaded Letter Arrives: Coping with a Payroll Tax Audit:

As you receive that letter from the IRS or State payroll taxing authority, your heart races. Your worst fears are confirmed – you have been "selected" for a payroll tax audit. Months of uneasiness lie ahead, and there's no avoiding it. While you hope there isn't a major issue, now is not the time for wishful thinking. Instead, it's important to assess whether you've operated in a manner that ensures a favorable outcome or if there are areas that need attention.

Understanding the Red Flags: What Led to Your Selection?:

Curious about how you ended up being "selected" for an audit? In truth, it's likely that a red flag drew attention to your case. But what exactly constitutes a red flag? If this scenario doesn't apply to you yet, how can you ensure peace of mind? Join Mark Schwartz in this exclusive webinar, where you'll gain valuable insights into preparing for an audit and effectively navigating one, even if you're currently facing the challenges of an ongoing audit. 

Who Should Attend: 

• Payroll Managers
• Human Resource Managers 
• Risk Management
• Staff Financial Managers
• Auditors