As IRS interest rates have increased from 3% to 8% over the past two years, understanding how the IRS calculates interest on unpaid balances is essential for tax professionals looking to reduce client dissatisfaction. This course will also cover related penalties, including §6651(a)(2) nonpayment penalties and §6654 estimated tax penalties, along with strategies for mitigation and relief.
Learning Objectives:
Explain how interest accrues on unpaid federal balances.
Detail how the failure to pay penalty accumulates on unpaid federal balances.
Describe the calculation of the estimated tax penalty.
Identify potential mitigation and abatement strategies for interest accruals, the failure to pay
penalty, and the estimated tax penalty.
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
Mr. Eric Green is a managing partner in Green & Sklarz LLC, a boutique tax firm with offices in Connecticut and New York. The focus of Attorney Eric L. Green’s practice is civil and criminal taxpayer representation before the Department of Justice Tax Division, Internal Revenue Service and state Departments of Revenue Services.
He is a frequent lecturer on tax topics for many national organizations, including Insightful Accountant, CCH, the NAEA, the NATP, the ABA Tax Section and the Connecticut Society of CPAs. Attorney Green has served as adjunct faculty at the University of Connecticut School of Law. He was the author and lecturer of the CCH IRS Representation Certificate Program, and has served as a columnist for CCH’s Journal of Practice & Procedure. He is the founder of Tax Rep LLC which coaches accountants and attorneys on building their own IRS Representation practices, and is the host of the weekly Tax Rep Network Podcast.
