IRS Form 8928: Excise Tax Reporting Update

Lorman Education Services
Training overview
1.5 hours

IRS Form 8928: Excise Tax Reporting Update

IRS Form 8928: Excise Tax Reporting Update

IRS Form 8928: Excise Tax Reporting Update

Gain a better understanding of the reporting obligations of Form 8928 to minimize potential excise taxes, interest and penalties. With the myriad of new ACA requirements and potential errors that go along with them, many employers may find themselves for the first time faced with the possibility of owing excise taxes and the requirement to file the Form 8928, Return of Certain Excise Taxes Under Chapter 43 of the Internal Revenue Code. This topic helps employers understand which types of errors trigger the Form filing requirement and how to correct an error in a timely manner to possibly avoid excise taxes and filing the Form. This material also explains how to complete the Form and the pros and cons to filing the Form when no excise tax is owed because the error was corrected in a timely manner. Because the failure to file the Form timely to report and pay excise taxes can subject the employer to reporting penalties and interest in addition to the excise taxes owed, with no statute of limitations, it is important that employers understand their obligations with respect to the Form.

Learning Objectives

  • You will be able to define reasonable cause and willful neglect.
  • You will be able to describe how to correct errors in a timely manner and possibly avoid the Form 8928 filing requirement.
  • You will be able to discuss the pros and cons to filing the Form 8928 when an error is corrected within the required time frame.
  • You will be able to recognize the types of errors that trigger the Form 8928 filing requirement.

  • Who should attend?

    This live webinar is designed for accountants, CFOs, controllers, tax managers, presidents, vice presidents, bookkeepers, enrolled agents, payroll professionals, benefits managers and human resource managers.

    Training Content

    • History of Form 8928Background
    • Pediatric Vaccines
    • COBRA
    • Portability, Access, Renewability, and Market Reform Requirements
    • Comparable Archer MSA Contributions
    • Comparable HSA ContributionsMost Common Types of Errors Reported on Form 8928Penalty AmountsHow to Avoid Filing the Form 8928
    • When and How to Make a Correction
    • Reasonable Cause and Not Willful Neglect StandardHow to Complete the Form 8928
    • One Form vs. Multiple FormsDue Date for the Form
    • How to File for an Extension
    • What an Extension Gets YouIf No Penalties Owed, Should You Still File the Form?
    • Start Statute of Limitations Running
    • May Raise Red Flags If File Form Each Year Showing Errors With No Penalties Owed

    Costs

    The cost of this IRS Form 8928: Excise Tax Reporting Update live webinar is $219 per participant.

    Provider: Lorman Education Services

    Lorman Education Services

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