The Internal Revenue Service (IRS) has released interim guidelines on revisions to Form 4180, Report of Interview with Individual Relative to Trust Fund Recovery Penalty or Personal Liability for Excise Taxes.
IRS Form 4180 is used to conduct interviews to ascertain the Trust Fund Recovery Penalty (TFRP). The revised Form 4180 now allows for abbreviated interviews when the potentially responsible party is the only responsible party. Abbreviated interviews can also be used when a business structure is not complicated. “These revisions will give the IRS revenue officer the opportunity to tailor the TFRP investigation to the complexity of the business entity/ownership structure,” explained Los Angeles Income Tax Planning and Income Tax Litigator Attorney Bruce Givner.
Specifically, with the revised Form 4180 if the IRS revenue officer determines, after completing page 1 of the form, that the individual’s willfulness and responsibility has been addressed, the revenue officer will not have to complete the remainder of Form 4180. The taxpayer will sign page 1 of Form 4180.
Givner & Kaye focuses on sophisticated income tax planning and compliance, tax litigation and procedure, estate planning, and asset protection plans for individuals and businesses in Beverly Hills, Calabasas, West Los Angeles, Hollywood, and other areas of Los Angeles, Orange, Ventura, San Bernardino, Riverside and Santa Barbara Counties. Call Los Angeles Estate Planning and Asset Protection Plan Attorneys Givner & Kaye at (310) 207-8008 today.
