Penalties exist to encourage voluntary compliance by supporting the standards of behavior required by the internal revenue code.
For most tax payers, 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
There are over one hundred-forty separate IRS penalty provisions.
Are you familiar with the guidelines the IRS uses to compute penalties and interest?
In this IRS Representation online education course, you will gain valuable computation tools, as well as strategies for penalty and interest reduction with updated information.
This online CPE webinar will cover the following topics:
Introduction to penalties and their purpose
Dealing with Proposed Penalties
Dealing with Assessed Penalties
Penalties in detail
Recomputing and Reducing penalties
Learning Objective
To recognize and implement methods for reducing penalties and interest on assessed tax balances
To identify which penalty relief criterion includes those cases that are specifically about using the law in the client’s favor
To recognize how much importance the IRS places on the taxpayer’s actions once the facts and circumstances change and what attempt the taxpayer make to comply
To recognize what you should try and get for your clients, before paying penalties and the related interest
To identify what can result in tax penalty abatement most of the time
To recognize the penalty for a payroll tax deposit that is two dates late
Credits and Other information:
Recommended CPE credit – 1.5
Recommended field of study – Taxes
Session Prerequisites and preparation: None
Session learning level: Basic
Location: Virtual/Online
Delivery method: Group Internet Based
Attendance Requirement: Yes
Session Duration: 90 Minutes
Who Will Benefit:
CPA
Enrolled Agents (EAs)
Tax Professionals
Attorneys
Other Tax Preparers
Finance professionals
Financial planners
About Our Speaker
Nick Preusch CPA, JD, LLM, is a tax manager with PBMares, LLP. Nick has participated in helping high wealth individual and large business entities with complex tax compliance, along with specializing in international, non-for-profit tax issues, and tax ethics issues.
Nick has also worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nick is a graduate of Carthage College with a BS in Accounting and Business, University of Connecticut with a MA in Accounting, Case Western Reserve University with a JD, and Georgetown University with an LLM in taxation. Nick has also 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. He has lectured nationally on topics such as ethics, complex tax transactions and IRS practice and procedure.
