IRS Penalties and Abatements

Overview

Description:
Penalty abatement is a technique that tax practitioners can utilize to help their clients reduce penalties and interest they owe to the IRS if the taxpayer can prove "reasonable cause".

This informative and insightful webinar will provide you with some insider tips, practical steps and effective strategies to help your client manage IRS tax penalties and interest. Learn about various types of penalties that you may face, and the various forms and procedures used for requesting penalty and interest abatement, including First Time and Reasonable Cause abatement. Plus, learn about the procedure to follow when requesting refund of paid penalties.

Learning Objectives:

After attending the presentation you will be able to...

• Identify situations where penalties can be imposed
• Utilize techniques for preventing or reducing any penalty assessments
• Ascertain when the First Time Abatement can be used
• Obtain a working knowledge of the procedure governing the request for refund

Program Content:

The major topics that will be covered in this class include:

• Various types of penalties: Accuracy related, fraud, understatement of valuation, reporting requirement, failure to pay, and pay or deposit penalties
• Rules on waiver of penalties and interests
• Various forms and procedures for requesting relief
• First Time Abatement: Requirements and procedures
• How an individual taxpayer qualifies for Reasonable Cause abatement
• Procedures for requesting refund of paid penalties
• Available administrative options

Who should attend: CPAs, Enrolled agents, Attorneys, Finance professionals, Financial planners, Tax Professionals

Developed By: Allison M. McLeod, LL.M., CPA. A PLLC

Instructor: Allison M. McLeod, LL.M., CPA

CPE Credit: 2.0

Field of Study: Taxes (2 CPE)

Prerequisites: None

Advanced Preparation: None

Format: QAS Self Study

Highlights

• Various types of penalties: Accuracy related, fraud, understatement of valuation, reporting requirement, failure to pay, and pay or deposit penalties
• Rules on waiver of penalties and interests
• Various forms and procedures for requesting relief
• First Time Abatement: Requirements and procedures
• How an individual taxpayer qualifies for Reasonable Cause abatement
• Procedures for requesting refund of paid penalties
• Available administrative options

Prerequisites

None

Designed For

CPAs, Enrolled agents, Attorneys, Finance professionals, Financial planners, Tax Professionals

Objectives

• Identify situations where penalties can be imposed
• Utilize techniques for preventing or reducing any penalty assessments
• Ascertain when the First Time Abatement can be used
• Obtain a working knowledge of the procedure governing the request for refund

Preparation

None