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Taxpayers hate paying IRS penalties. Unfortunately, most taxpayers with an IRS penalty do not request relief or are denied relief because they do not follow some basic do’s and don’ts.

The IRS uses penalties to encourage us to follow the rules and remain in compliance – and it uses them a lot. Each year, the IRS assesses tens of millions of penalties totaling billions of dollars. But the IRS also provides several options to get penalties removed, or abated, for people who qualify.

Common IRS penalties:

There are over 150 different IRS penalties for late filing, late payment, return errors, and other noncompliant activity. However, the three most common IRS penalties are related to late filing and late payment of taxes and make up 95% of all assessed penalties:

  • The failure to file penalty: 5% per month on the balance due, maximum of 25%.
  • The estimated tax penalty: equivalent to the interest lost by not having sufficient withholding or paying estimated taxes throughout the tax year.
  • The failure to pay penalty: 0.5% per month of balance due, maximum of 25%.

IRS penalties is the most common post-filing issue.  In this course, tax professionals will understand the most common penalties assessed and the options for obtaining penalty relief including requesting and appealing penalty non-assertion and penalty abatement requests.  An in-depth discussion of common penalty abatement reasons is provided including how to apply first time abatement and reasonable cause.

Highlights:

The major topics covered in this course include:

  • The five types of penalty relief
  • Using First-time penalty abatement
  • Reasonable cause abatement for late filing, late payment, and accuracy penalties
  • How to request abatement
  • The importance of Appeals and how to appeal adverse penalty abatement determinations
  • Constructing an effective penalty abatement request
  • Best practices and tips on getting abatement

Objectives:

After attending this presentation, you will be able to........

  • Identify the most common IRS penalties.
  • Describe the five reasons the IRS abates penalties.
  • Determine which penalty abatement method is best for the most common penalties.
  • Define the elements of reasonable cause and explain how they apply to late-payment, late-filing, and accuracy-related penalties.
  • Draft an effective penalty abatement request.
  • Determine what documents to attach to a penalty abatement request.
  • Appeal a penalty abatement request denial. 
Live Q&A session will be held after the event.

Who Should Attend?

  • Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Tax Professionals
  • Tax Attorneys
  • Tax Compliance Managers
  • Other Tax Preparers
  • Accountants

Credits and Other information :

  • IRS CPE Credits: 2.0 TAX
  • Session Prerequisites and preparation: None
  • Session learning level: Basic
  • Location: Virtual/Online
  • Delivery method: Group Internet Based
  • IRS Course ID: DFFSC
  • Attendance Requirement: Yes
  • Session Duration: 2 Hour
  • Case Studies and Live Q&A session with speaker

1. How can I register for this webinar/course?

Enroll now on Taxmarket Watch. Explore a variety of webinars presented by industry experts. Choose either ‘live webinar’ or ‘on-demand’, and simply click ‘buy now’ to register

2. Is it possible to register someone else for this course? If so, how can I do that?

You can recommend Taxmarket Watch to your friends and colleagues. Expand your professional network by getting them enrolled at taxmarketwatch.com today!

3. What is web download and transcript or On demand session?

 The web download grants access to the webinar recording, enabling you to receive a link to download and save it on your computer for convenient viewing, multiple times.

 The transcript offers comprehensive written material from the webinar, ensuring you have detailed documentation of the content presented.

 On demand session is when we conduct the webinar as per your available dates after the live training. You will get access to the training for 24 hours.

4. Is there an opportunity to ask questions to the speaker during the session?

Each webinar wraps up with a Q&A session, giving you the opportunity to interact with industry experts and receive answers to all your queries.

5. We provide the following CE credits to the professionals on the approved courses.

  • IRS
  • HRCI
  • SHRM

6. When are the continuing education credits reported to the IRS, HRCI, SHRM and other regulatory bodies ?

Your educational credits will be reported to the appropriate licensing and regulatory bodies within 5-7 business days

7. What should I do if I can’t log my account?

The credentials to log into your account is your EMAIL ADDRESS & PASSWORD used during account creation.

  • If you’ve forgotten your password, please go to the login page and click on the ‘Forgot Password.’ Then enter your registered email id to receive the password reset email. Click on the link given in the email to enter your new password.
  • If the face any challenge, please reach out to us via email support@taxmarketwatch.com or contact our support team through live chat support.

8. How can I view /access the courses that I have registered for?

Upon registering for any of our webinars or products, you will receive webinar instructions 24 hours before the conference over the your registered mail id with us also check SPAM/JUNK folder. If you’ve not received the instructions, Please reach us at support@taxmarketwatch.com

9. How can I cancel my registration?

For registration cancellations, please reach out to us via email at support@taxmarketwatch.com. If you cancel your registration for a paid webinar, expect the refunded amount to be credited back to your payment method within 7 business days.

10. How can I download the learning materials/Handouts available for the webinars/Seminar?

Conference materials will be accessible 4 hours before the webinar begins. You can download them directly from the webinar page or by logging into your account

11. What are the system requirements to attend a live webinar?

Our seamlessly integrated with ZOOM and Gotowebinar for delivering continuing education webinars. The system requirements are :

  • An internet connection – broadband wired or wireless
  • Speakers and a microphone – built-in, USB plug-in, or wireless Bluetooth

12. I took a webinar, where is my certificate?

Your certificate will be sent to you via email within 3 working days after the webinar ends. Alternatively, you can log in to your account at www.taxmarketwatch.com to retrieve it. If you haven't received the email within this timeframe, please check your spam/junk folder. If you still can't find it, don't hesitate to contact us via email at support@taxmarketwatch.com or connect with us through the online chatroom.



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