Faculty: Mark Schwartz | Code: P1323
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.
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Speaker Bio: Mark Schwartz
Mark Schwartz is an employment tax specialist and has over 15 years of employment tax experience as an independent consultant and as a payroll tax auditor with the State of California. He has managed an audit caseload of 20 ongoing audits, from small home-based businesses to large multi-national corporations. He is expert at defining regulatory and statutory requirements from local, State and Federal government agencies; and helping the average businessperson understand what that means to their business. He has processed weekly and bi-weekly payroll checks plus tax forms for businesses with hourly as well as exempt workers, multistate operations and a wide variety of benefits.
Mr. Schwartz provides consulting services encompassing payroll processing and payroll tax issues. These include payroll tax minimization, payroll tax compliance reviews, independent contractor studies, use of electronic transfers, deductions, benefits, etc. Mark has represented both clients and the State in front of the State Appeals Board. He understands the complexities of local wage laws, unemployment and disability claims, and other wage and benefit issues affecting your employees.
Mark prides himself on his outstanding customer service skills. He listens attentively to his clientele, helping them bridge the gap between the small business world and Government bureaucracy. He eagerly assists with clients needs and feels that educating clients toward faster, accurate and more complete payroll processes provide the most value.
Mark is a participating member of the American Payroll Association. He earned his BA and MBA in Finance at Santa Clara University. He has held Certified Internal Auditor and Certified Investment and Derivatives Auditor Credentials. Mark is currently pursuing a Certified Payroll Fundamentals Credential with the American Payroll Association.