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Cancelling IRS Penalty and Interest Assessments


  • EVENT DATE:

    May 21, 2025

  • PRESENTER(s): Jim Buttonow

  • 01:00 PM ET| 12:00 PM CT| 10:00 AM PT| 120 Minutes

  • Product Code::TL261



Description


Cancelling IRS Penalty and Interest Assessments : 


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. These penalties can add as much as an additional 25% to a taxpayer’s IRS bill. Also, the federal agency charges an additional penalty of 5 per cent on taxes that have not been filed.


Penalty abatement is a technique that tax practitioners can utilize to help their clients reduce their tax debt or even entirely cancel penalties and interests they owe to the IRS. 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. The purpose of penalties and interests are to encourage and motivate taxpayers to pay their taxes on time and it must be considered as such.


Participants will understand:-

  • 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
  • Procedures for requesting refund of paid penalties
  • Available administrative options


Who Will Benefit:

  • CPA
  • Enrolled Agents (EAs)
  • Tax Professionals
  • Attorneys
  • Other Tax Preparers
  • Finance professionals
  • Financial planners


Credits and Other information:-

      - Session Duration: 2 Hours

      - Case Studies and Live Q&A session with speaker

      - Power Point presentation for reference

      - Session learning level: Basic

      - Delivery method: Group Internet Based

      - IRS Credits: 2 Tax Hours

      - IRS CE Provider: #PUPOT

      - IRS Course ID: PUPOT-T-00003-25-O

       - Recommended field of study – Taxes

       - Session Prerequisites and preparation: None

       - Location: Virtual/Online

       - Attendance Requirement:  Yes


Speaker Profile:

Jim Buttonow, CPA, CITP, has been a leader in helping taxpayers and tax professionals resolve tax problems with the IRS.

For 19 years, Jim worked at the IRS in various compliance enforcement positions. Since 2006, Jim has been in private practice and tax and accounting software development. Jim consulting practice focuses on the areas of tax controversy and tax administration. Jim led product development and marketing for a successful software company that developed tax problem software for tax professionals. This software is currently being used by thousands of tax professionals and businesses in the United States.

Jim has been an IRS partner in improving IRS operations and post-filing service to taxpayers. Jim served as chairperson of the IRS Electronic Tax Administration Advisory Committee (ETAAC) in 2015 and 2016 during which ETAAC played a central role in promoting the IRS digital strategy to develop transformative technology solutions to systemic challenges in tax administration. Jim also served as the North Carolina representative on the IRS’ Taxpayer Advocacy Panel (TAP) from 2020-2022.

Jim regularly speaks on areas of tax administration and problem solving to national associations and has testified before Congress in areas of tax administration. He has also published many articles in industry publications. In his articles, Jim focuses on delivering practical insights, advocating for IRS transparency and efficiency, and proposing innovative large-scale solutions for taxpayers and tax professionals.


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