Taxpayer Penalties and Abatements (Video) (Course Id 2876)

1. Who is this course for?

This course is designed for CPAs, Enrolled Agents, attorneys, finance professionals, financial planners, tax professionals, and anyone needing Continuing Professional Education (CPE) who works with taxpayers facing IRS penalties and interest issues.

2. What is this course about or what problem does this course solve?

This course explains how to identify, prevent, reduce, and request relief from IRS tax penalties and interest, including the use of First Time Abatement and Reasonable Cause abatement procedures, helping practitioners assist clients in managing penalty assessments and obtaining refunds of paid penalties when appropriate.

3. Where can the knowledge from this course be used?

The knowledge gained can be applied in tax preparation, tax representation, accounting practices, financial advisory services, and other professional settings where practitioners assist taxpayers with IRS compliance, penalty relief requests, and refund procedures.

4. Why is this course important to a CPA or Accountant?

This course provides practical strategies and procedural knowledge that can help CPAs and accountants reduce the financial impact of IRS penalties on their clients, understand available administrative relief options, and properly navigate abatement and refund request processes.

5. When is this course relevant or timely?

This course is relevant whenever a taxpayer is assessed IRS penalties or interest, when a practitioner is evaluating eligibility for First Time Abatement or Reasonable Cause relief, or when pursuing a refund of previously paid penalties.

6. How is a course like this consumed or used?

This is a 2.0 CPE credit, QAS self-study video course that is completed by viewing the instructional content, reviewing the course material, and passing the 10-question final examination with a score of at least 70% within one year of purchase to earn CPE credit.

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 webinar 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 refund of paid penalties.

Who should attend: CPAs, Enrolled agents, Attorneys, Finance professionals, Financial planners, Tax Professionals

Course Content:

• 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

Course Learning Objectives

By the end of this course, the participant should be able to: