Penalties
The maximum failure to pay penalty.
What is 25%?
The number of days that the interest rate can be adjusted.
What is Quarterly?
The type of property the Federal Tax Lien attaches.
What is all property and rights to property?
This is the presumptive due date for a 941 return.
What is April 15th (XXXX) the year following the calendar year of that return?
The entity type that the TFRP (Trust Fund Recovery Penalty) can be assessed.
What is any entity?
The number of days late that requires a FTD Penalty of 2 percent.
What is 1 to 5 days late?
The IRC section that covers compounded interest.
What is IRC 6622?
This is the purpose of the Notice of Federal Tax Lien. (Paper Lien)
What is -- to provide notice to creditors of the existence of the statutory lien?
DAILY DOUBLE: These are the POD's that your Instructors are from.
What is:
(Ann Arbor, MI) - Pamela Amburgy
(Freehold, NJ) - Mark Spitz
(Atlanta, GA) - Michelle Jackson
(Denver, CO) - John Owens
The Internal Revenue Code that allows for the assessment of the TFRP (Trust Fund Recovery Penalty).
What is IRC Section 6672?
The taxes that require the use of the EFTPS system.
What is Employment, Unemployment, Excise, and Corporate Income Tax?
DAILY DOUBLE: Marks favorite phrase.
What is "Situational Awareness"? or What is "This is for your Situational Awareness"?
This is the purpose of the Federal Tax Lien (FTL) (Statutory Lien).
What is to establish the Government’s claim or interest in the taxpayer’s property?
The ASED for the 941 for the 3rd quarter of 2018.
What is April 15, 2022?
The number of days you have to make a determination that you will be pursing the TFRP (Trust Fund Recovery Penalty).
What is 120 days from the date of assignment?
The periodic period that the Failure to File Penalty is computed.
What is monthly? or What is monthly and for any part of a month.
The IRC section that allows interest on underpayment, nonpayment, or extensions of time for payment, of tax.
What is IRC 6601?
These are two examples of statutory liens that are created by statute or by operation of law.
What are Federal Tax Liens and other State or Local Liens?
The statute expiration date that is extended by a timely filing of a Collection Appeal Request.
What is a CSED?
The three types of taxes that are included in a TFRP assessment on a 941 period.
What are the employees portion of the withholding, Medicare, and social security taxes?
When there is an additional assessment on a tax period (TC290 or TC300) and the assessment is equal to or exceed $100,000 the FTP begins to accrue ____ number of days from notice and demand.
What is 10?
The type of interest that cannot be accrued using normal procedures.
What is restricted interest?
The IRC section that requires notification of CDP rights relative to the filing of the Notice of Federal Tax Lien.
What is IRC section 6320?
The ASED date for a 6020B (An IRS Prepared and filed return) assessment for the 941 period ending June 30, 2019.
What is there is no ASED for an IRS return filed under the IRC 6020B?
The form used to complete a Trust Fund Recovery Penalty Interview.
What is form 4180 (Report of Interview with Individual Relative to Trust Fund Recovery Penalty or Personal Liability for Excise Taxes) ?