Erase the Mark: Best Practices in Penalty Abatement

Overview

If there is a potential error, the IRS will assess a tax and add a hefty penalty, without even knowing the facts. As a tax professional, you will be exposed to the IRS and their methods of penalizing taxpayers for the smallest of violations. This presentation will focus on the rules and regulations that create the penalty, and the reasons that exist that the IRS will consider to remove those penalties.

Prerequisites

None

Objectives

• Identify the authority of the IRS to assess penalties
• Recognize the common types of penalties that can be abated
• Develop a plan to request penalty abatement
• Review real examples of successful penalty abatement

Highlights

• The authority of the IRS in assessing tax penalties
• The types of penalties that can be removed
• The process the IRS uses to evaluate penalty abatements
• How to request penalty abatements
• Best practices in asking for penalty abatement, including using appeals