Penalty Waiver is a technique that tax professionals can use to help their clients reduce penalties and interest they owe the IRS if the taxpayer can meet the “first requirement.” will give you insider tips, practical steps and great ideas to help your clients manage their IRS tax penalties and interest. Learn about the different types of penalties you may face and the different types of penalty and interest claims, including first and last resort. Also learn about the process to follow when requesting a refund of penalties paid.
Topics Covered
Different kinds of sanctions
Fraud related to accuracy
Undervaluation
Reporting mandate
Not making payments
Penalties: pay or deposit
Guidelines for interest and penalty waivers
different formats and methods for submitting a relief request
First-Time Abatement: Guidelines and Instructions
How a single taxpayer is eligible for Reasonable Cause Reduction
How to request a refund of fines paid
Learning Objectives
Recognize the circumstances in which sanctions may be applied.
possess the ability to apply strategies for avoiding or lowering any penalty evaluations
Find out when you can use the First Time Abatement.
Get a basic understanding of the process that governs the refund request.
Credits and Other information:
Recommended CPE credit – 2.0
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: 2 Hours
Who Will Benefit:
CPA
Enrolled Agents (EAs)
Tax Professionals
Attorneys
Other Tax Preparers
Finance professionals
Financial planners
About Our Speaker
Jim Buttonow is the Managing Principal of JL Buttonow, CPA, PLLC. Jim has over 37 years experience in tax and accounting. Jim’s specialty is IRS Practice and Procedure – more commonly referred to as a tax problems, IRS controversy, or tax disputes.
His extensive knowledge, shared in numerous publications, led to his being voted to Accounting Today’s Top 100 Most Influential People for two years. Jim has helped thousands of taxpayers and the largest firms and tax preparation companies in the world. Jim was the chief architect and inventor of the post-filing tax controversy software, Beyond415, that is used by tax giants such as Thomson Reuters and H&R Block to help their clients with tax problems. Jim has also provided strategic leadership to numerous other tax firms and financial service providers, including Jackson Hewitt Tax Services, to enable them to work better with the IRS.
