Why 940 Schedule Return
Why 940 Schedule Return
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Why 940 Schedule Return 2017-2019

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Line 19 including the aggregate Form 940. For each column total the relevant line from Form 940 is noted in the column heading. Calendar Year Enter the calendar year for which you are filing your Form 940. Make sure that the year entered on the top of Schedule R matches the year on the attached Form 940. If the totals on Schedule R line 19 don t match the totals on Form 940 there is an error that must be corrected before submitting Form 940 and Schedule R. Paperwork Reduction Act Notice ...

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Hi this is very can begin here with tax court and today I want to talk to you just briefly about this the process called 6020 be it's Internal Revenue Code six zero two zero Bravo that's a B that gives the IRS the authority to make an estimated business tax return for you when you fail to do so now typically if you have a business that pays wages so you're following a 941 quarterly tax return for each three-month period of the year you're also gonna file a Form nine four zero and that's an unemployment tax attorney at the end of the year typically businesses in my experience when I was working for the Internal Revenue Service if I had to investigate a corporation and they had not followed employment act two times and saved six or seven quarters but they did file one eight or nine quarters ago what I can do under sixty 20 B is go and take that last file return take it make some reasonable estimates as to was that a fair amount at that time so let's just call it five thousand dollars worth of federal tax during that period say eight or nine quarters ago I would take that period and maybe turn a fifteen percent to it to capture the withholding tax and then make that your tax for each successive period that you did not file a nine forty one in a nine for tax return so now because you didn't follow it you're thinking you're in the clear but you're not because guess what now you owe for six or seven or eight periods of taxes that you've never filed and they're always going to be higher than what you would have filed if you done it yourself so you don't want to get into this position where the IRS assesses a sixty 20 B assessment against you another way that they can do it is you you never filed a tax return they can use other sources like your state tax returns they can go to the state and report and pull your state wages that you report it to the state use that as an estimate they can get bank records and look at items that look like they were called paychecks and we can do a backwards calculation and it was called backing into the money and we can come and say okay well if you paid fourteen hundred dollars in wages we could add maybe about thirty percent to that because 15 monthly 15% is gonna be the employee portion and another 15% roughly speaking is going to be the employers portion we put that together add that to the $4,800 and now we've come up with what we think your wages would have been for that period and then we can create a 60 20 B assessment so that's how that process works or if you've ever gotten a bill and you say well our wages were never to that high it's probably because the IRS created a 60 20 VSS before you so if you're in this position and the iris is not on your door and they're chasing you down and threatening you with a trust fund recovery penalty and if you don't know that is we've got a video on trust fund recovery penalties here on our site go ahead and look at it it explains that whole process to you you need to get someone in there who can fix this problem for you we hear tax score I've done hundreds of 1623 assessments in my career at the IRS and I've done probably 20 or 30 reversals of those since I've been in private practice in the past four years give us a call here you can reach us at our website at wwlp.com also you can email us here on our screen at INF Oh at tax court llc.com like our page and subscribe to our channel for more hints and updates and tips and tools about how to help you resolve your IRS problems and as always have a great day

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