Reducing IRS Penalties

Learning Objectives

• To discuss negligence penalties and how they apply.
• To discuss preparer penalties and risks involved.
• To analyze how an amended return can help reduce penalties.
• To inspect whether you should go before appeals.
• To explain how the appeals process works when challenging a penalty.
• To analyze ways to mitigate penalty risk for clients.

Course Description

Penalties exist to encourage voluntary compliance by supporting the standards of behavior required by the Internal Revenue Code. For most taxpayers, voluntary compliance consists of preparing an accurate return, filling it out immediately, and paying any tax due. Efforts made to fulfill these obligations constitute compliant behavior. Most penalties apply to behavior that fails to meet any or all of these obligations.

This CE/CPE course on Tax will look at various IRS penalties, such as substantial understatement and preparer penalties, what the statutory standard for assessing the penalty is, and different ways to combat them.

The IRS issues over 220 million notices each year to taxpayers. The IRS also asserts millions of dollars of penalties against taxpayers daily. Many of those penalties are abated due to quality representation. If a tax client receives an IRS notice, they expect their tax professional to be able to work effectively with the IRS to identify and resolve their issue. Penalties from the IRS come in all shapes and sizes.

Save your clients money on IRS penalties!

There are many types of penalties the IRS can impose on taxpayers: failure-to-file, failure-to-pay, failure-to-deposit, estimated tax, and accuracy-related are some of the most common ones. But the full list includes many more.

The speaker of this CE/CPE webinar Nick Preusch will look at the appeals process and the different techniques in the appeals process to help reduce penalties as well. He will then look at amended tax returns and how amended tax returns can help reduce penalties with superseded returns and qualified amended returns.

Key topics discussed in this webinar:

• Accuracy Related Penalties
• Evaluating Authorities
• Preparer Penalties
• Furnishing PTIN
• Appeals Initiatives
• Appeals Jurisdiction
• Ex Parte Communications
• Hazards of Litigation
• Settlement Offers
• Streamlined Procedures
• What is an Amended Return?
• When Must They Be Filed?
• Odd Rules For Payments
• Protective Claims
• Form 843 – Claim for Refund and Request for Abatement
• Amended Returns In Criminal Cases
• QAR

Overview

• Accuracy related penalties

  6 mins
• Evaluating authorities

  13 mins
• Preparer penalties

  35 mins
• Reasonable cause / Good faith

  44 mins
• Appeals jurisdiction

  64 mins
• Hazards of litigation

  77 mins
• Protective claims

  91 mins