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.

This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

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

Target Audience

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

Course Objectives

After attending this presentation you will be able to...Identify situations where penalties can be imposedUtilize techniques for preventing or reducing any penalty assessmentsAscertain when the First Time Abatement can be usedObtain a working knowledge of the procedure governing the request for refund

Subjects

The major topics covered in this class include:Various types of penalties: Accuracy related, fraud, understatement of valuation, reporting requirement, failure to pay, and pay or deposit penaltiesRules on waiver of penalties and interestsVarious forms and procedures for requesting reliefFirst Time Abatement: Requirements and proceduresHow an individual taxpayer qualifies for Reasonable Cause abatementProcedures for requesting refund of paid penaltiesAvailable administrative options