Cancelling IRS Penalty and Interest Assessments 

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