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Video instructions and help with filling out and completing Why 940 Schedule Return

Instructions and Help about Why 940 Schedule Return

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...