Canceling IRS Penalty & Interest Assessments - Reducing or Removing IRS Interest from Your Tax Bill

Overview:

IRS penalties and interests increase the bill every day if your taxes are outstanding after the filing deadline. Taxpayers are liable for the additional penalties and interests on the entire outstanding amount even if they have qualified for a tax debt payment plan and have started to make payments.

The Internal Revenue Service (IRS) Penalty Abatement program provides relief for taxpayers who have been penalized for failing to file their tax returns, failing to pay their taxes on time, or making errors on their tax returns. This program allows taxpayers to request a reduction or elimination of the penalties and interest they have incurred. The trick is to convince the IRS that your client was unable to pay the taxes due to what the IRS tags a “reasonable cause.”

If a practitioner or taxpayer can justify that reasonable cause led to delay in tax payment, there are good chances that the IRS may forgive a portion or the entire penalty charged on your tax debt. Remember that IRS is softer on failure to pay penalties than failure to file penalties. To be eligible for IRS Penalty Abatement, taxpayers must have a valid reason for their failure to comply with the tax laws.
 

Areas covered in this Training:

· What is IRS penalty Abatement and Abatement of interest
· Avoiding the understatement of tax penalty
· Various types of penalties-
       · Accuracy related
       · Fraud
       · Understatement of valuation
       · Reporting requirement
       · Failure to pay
       · 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 -what are the qualifications
· Procedures for requesting refund of paid penalties
· How to request reasonable cause abatement - Available administrative options
 

Why Attend this Training:

Many penalties can be accrued by taxpayers that miss tax deadlines or payments. For compliant taxpayers, there can be administrative relief found through first- time penalty abatement. There is also leniency for taxpayers that have gone through a life circumstance known as a reasonable cause. This time, we’ll look at both first-time penalty and reasonable cause penalty abatement.

Many taxpayers incur IRS penalties, fees, and interest due to a lack of knowledge. IRS penalties and interests increase the bill every day if your taxes are outstanding after the filing deadline. Taxpayers are liable for the additional penalties and interests on the entire outstanding amount even if they have qualified for a tax debt payment plan and have started to make payments. Remember that IRS is softer on failure to pay penalties than failure to file penalties.

This webinar will help participants know how to request relief from these penalties from the IRS.
 

Suggested Attendees:

· Certified Public Accountants (CPAs)
· Enrolled Agents (EAs)
· Tax Professionals
· Tax Attorneys
· Other Tax Preparers
· Finance professionals
· Financial planners
· Non-credentialed tax professionals
· Annual Filing Season Preparers
· Tax professionals interested in learning how to abate penalties for taxpayers