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Reducing IRS Penalties

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • Maryland Tax Prep.
  • CFIRS
  • CWS

Published: March, 2022

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

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

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 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 He will then look at amended tax returns and how amended tax returns can help reduce penalties with superseded returns and qualified amended returns.

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.

Recommended For

  • This IRS Approved CE webinar will be insightful for CPAs, EAs, AFSPs, MRTP, ORTP, and other Tax Professionals desiring to help their clients with reduced IRS penalties.

Who Should Attend?

  • Annual Filing Season Program
  • Bookkeepers & Accountants & Tax Preparers
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Preparer
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 2 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0853)
  • 2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 2 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00917-22-S)
  • 2 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00917-22-S)
  • 2 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00917-22-S)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 General Credit for Accountant/Bookeeper

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • 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

Nicholas Preusch

Certified Public Accountant (CPA), Nicholas Preusch

Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the  AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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Ratings and Review

4.6

7 Ratings

Excellent

5

Very Good

1

Average

1

Poor

0

Terrible

0

CE

Christine Eubanks, CPA (US)

Mar 28th, 2022

I would definitely attend all the classes from this instructor. He is interesting and stays on topic.

RG

Ryan Gunn, CPA (US)

May 3rd, 2022

Overall good content, but felt the instructor let a little of his political bias seep in. Just an observation, could be wrong.

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