Cut That Tax Debt by a Third: How to Cancel Penalty and Interest Assessments

  EVENT DATE

June 10, 2021

  PRESENTER(s)

Daniel J. Pilla

  1:00 PM ET | 12:00 PM CT | 10:00 AM PT | 120 Minutes


* Not able to attend the live session? We can arrange an on-demand session for You. Please call 1-‪814-892-0304


DESCRIPTION



Does your client qualify for a penalty abatement or a refund of paid penalties?

IRS penalties and interests keep on increasing every month if your taxes are outstanding after the filing deadline. You are liable to pay penalties and interests on the entire outstanding amount even if you have qualified for a tax debt payment plan and have started to make payments. Sometimes penalties can go up to 25 per cent solely on the discretion of the IRS.  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.

This informative and insightful webinar with expert speaker Daniel J. Pilla will provide you with some insider tips, practical steps and effective strategies to reduce or even totally cancel IRS tax penalties and interests. 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 and get hand outs that you can utilize as a fast and easy reference tool while filing tax returns.

Learning Objectives:

  • 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:

  • CPAs
  • Enrolled agents
  • Attorneys
  • Finance professionals
  • Financial planners
  • Tax Professionals

Session Prerequisites and preparation: None

Recommended CPE credit – 2.0

Recommended field of study – Tax

Session learning level: Basic to intermediate

Delivery method: Group Internet Base


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Pioneer Educator is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.




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