First Time Penalty Abatement – Strategies to Increase Savings

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • MRTP
  • CFIRS
  • CWS

Published: February, 2022

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • FTF & FTP penalties
    12 mins
  • Prerequisites for 1st time abatement
    18 mins
  • How to identify qualifying years?
    23 mins
  • Tips & Tricks
    36 mins
  • IRS uses a program to determine FTA eligibility
    45 mins

Course Description

This Tax webinar focuses on the IRS’s authority to abate certain penalties, pursuant to the I.R.M.

Each year, the IRS charges taxpayers millions of penalties. That adds up to tens of billions of dollars. But the IRS will waive or remove (abate) certain penalties if you have a history of following the rules. This penalty relief is called first-time penalty abatement (FTA).

This CE/CPE Tax webinar discusses the proper procedure for filing a penalty abatement request with related examples.

The first-time penalty abatement (FTA) waiver is an administrative waiver that the IRS may grant to relieve taxpayers from failure-to-file, failure-to-pay, and failure-to-deposit penalties if certain criteria are met. The policy behind this procedure is to reward taxpayers for having a clean compliance history; everyone is entitled to one mistake.

Attendees of this course will be able to determine which taxpayers qualify for first-time penalty abatement and the best way to make this request on behalf of a client.

Learning Objectives

  • To discuss relevant statutes that provide the IRS with authority to abate penalties pursuant to first-time guidelines.
  • To identify taxpayers that qualify for first-time abatement and determine which tax year to select for the most savings.
  • To analyze which tax forms and the types of penalties may be abated under first-time rules. 
  • To discuss the IRS form(s) to complete and submit for abatement requests.
  • To identify administrative remedies available if an abatement request is denied, i.e., appeals, mediation, and tax court.

Recommended For

  • This IRS Approved CE course is recommended for AFSP, CPA, EA, CRTP, Tax Professionals, and Other Professionals who desire to assist their clients with the First Time Penalty Abatement rules.

Who Should Attend?

  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • Certified Public Accountant (CPA)
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Firm
  • Tax Preparer
  • Tax Professionals
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0813)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00874-22-S)
  • 1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00874-22-S)
  • 1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00874-22-S)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 General Credit for Accountant/Bookeeper

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) 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.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Jessie Seaman

, Community Tax, LLC

Jessie Seaman, Esq & EA, is a licensed Florida attorney and IRS Enrolled Agent. Jessie brings over ten years of state and federal tax controversy and representation to Community Tax clients. Prior to joining Community Tax, she spent over seven years with a leading national tax resolution firm. She has overseen tens of thousands of tax resolution cases from the simplest financial privacy plans to the to the most complex business cases and high-profile celebrity clients.

Jessie is a Florida Native, growing up Boca Raton and moving to Tampa in 2000 for her undergraduate studies. While attending the University of South Florida, Jessie studied abroad in Costa Rica and eventually graduated with a double major: B.A. in Philosophy & B.A. in Political Science. In 2006, she was offered a scholarship from Florida Coastal School of Law in Jacksonville, FL, where she graduated with a Juris Doctorate in 2009. During law school, Jessie interned with the ACLU, worked at Learn to Read, a local non-profit advocating for adult literacy, and was chosen by the Florida Coastal Academic Success Department to mentor incoming students on how to be successful in law school.

Jessie is a member of the Florida Bar, Tax Section, National Association of Enrolled Agents (NAEA), CERCA, and National Tax Practice Institute Fellowship. She is a leading voice within the tax resolution community.  Most recently she was asked to teach continuing education courses for the National Association of Accountancy (NSA) and be a lead Instructor at both national conferences for NAEA. She has also served as an adjunct professor teaching various courses including Business Law, State and Local Taxation, Contemporary Business Ethics, and an exam preparation class for the Enrolled Agents Examination. Jessie truly has a passion for tax controversy work and found her passion in this niche field because it is ever-evolving, applicable to all, and in many cases unfairly enforced. As the daughter of small business owners, she is especially passionate about helping business owners understand and overcome their tax challenges. Jessie even helped form and operate a pro bono tax resolution clinic in North Florida to assist those taxpayers who simply could not afford to hire professional representation for IRS and state tax issues.

About Company

Community Tax, LLC

www.communitytax.com/

In 2010, Community Tax set out on a mission to solve tax problems for individuals and businesses across the United States. After growing into a national tax resolution leader, we set our focus on becoming a true full-service tax organization assisting individual taxpayers and businesses with all their needs, ranging from tax resolution to preparation, bookkeeping, accounting, payroll, and more.

Our company is staffed with some of the most seasoned professionals in their respective areas, including licensed attorneys, CPAs, and Enrolled Agents. We boast an A+ rating from the Better Business Bureau and have prepared tens of thousands of tax returns, resolved nearly a billion dollars in tax delinquencies, and most importantly, have helped countless customers get their financial lives back on track.

Behind our success is an unwavering commitment to our client-focused, results-driven approach to the wide variety of services we offer. We pride ourselves on being open and transparent with each client as we work tirelessly on their case.

Even as times become uncertain, we remain committed to fighting for you, so you will not have to face the IRS alone. Our tax professionals are in your corner and ready to tackle any tax problem you may have.

Faq

FAQs content

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