Cancelling IRS Penalty and Interest Assessments

Description

IRS consequences increases the invoice each day in case your taxes are outstanding after the submitting deadline. Taxpayers are answerable for the extra penalties and interest on the whole amount even if they have qualified for a tax debt payment plan and have started to make payments. These consequences can add a penalty as much as 25% to a taxpayers IRS invoice. As well as the federal agency charges an additional penalty of 5 per cent on taxes that have not been filed.

Penalty abatement is a method that tax practitioners can make use of to assist their customers reduce their tax debt or maybe totally cancel penalties and interest they owe to the IRS. The trick is to convince the IRS that your consumer become not able to pay the taxes because of what the IRS tags a “affordable cause.”

If a practitioner or taxpayer can justify the delay in filing to tax payment there are a good chances that IRS may be willing to forgive a component or the whole penalty charged in your tax debt. Remember that IRS is softer on failure to pay penalties than failure to file penalties. The purpose of penalties and interest are to inspire and encourage taxpayers to pay their taxes on time and it need to be taken into consideration 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: Introductory

- Delivery method: Group Internet Based

- IRS Credits: 2 Tax Hours

- 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.

Description

Cancelling IRS Penalty and Interest Assessments - Cut that Bill by a Third

Available Options

CERTIFICATION PARTNERS