IRS Penalties and Abatements :- 

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 course 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 a refund of paid penalties.

Area Covered in this Session :-

• Various Types of Penalties
• Penalties for Failure to Pay
• Failure to Pay Estimated Taxes
• Failure to Deposit Payroll Funds
• Accuracy Related Penalties
• Relief from Penalties
• First Time Abatements (FTAs)
• Reasonable Cause Exception
• Other Issues
• Trusted Fund Recovery Penalty (TFRP)

Learning Objectives :-

• Identify situations where penalties can be imposed
• Recognize how to utilize techniques for preventing or reducing any penalty assessments
• Identify when the First Time Abatement can be used
• Identify the procedure governing the request for refund
• Identify the section of the Internal Revenue Manual that gives IRS agents a guide in assessing or granting abatements, including the First Time Abatement program

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 after the event

      - 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