• Cancelling IRS Penalty and Interest Assessments


Cancelling IRS Penalty and Interest Assessments

IRS consequences increases the invoice each day in case your taxes are outstanding after the submitting deadline. Taxpayers are answerable for the extra penalties and interest on the whole amount even if they have qualified for a tax debt payment plan and have started to make payments.These consequences can add a penalty as much as 25% to a taxpayers IRS invoice.  As well as  the federal agency charges an additional penalty of 5 per cent on taxes that have not been filed.

Penalty abatement is a method that tax practitioners can make use of to assist their customers reduce their tax debt or maybe totally cancel penalties and interest  they owe to the IRS. The trick is to convince the IRS that your consumer become not able to pay the taxes because of what the IRS tags a “affordable cause.”

If a practitioner or taxpayer can justify the delay in filing to tax payment there are a good chances that IRS may be willing to forgive a component or the whole penalty charged in your tax debt. Remember that IRS is softer on failure to pay penalties than failure to file penalties. The purpose of penalties and interest are to inspire and encourage taxpayers to pay their taxes on time and it need to be taken into consideration as such.

Participants will understand:

Abatement of interest 

Avoiding the understatement of tax penalty 

Various sorts of consequences:

  • Accuracy related
  • Fraud 
  • Understatement of valuation 
  • Failure to pay 
  • Pay or deposit consequences 

Rules on waiver of consequences and interests 

Various paperwork and techniques for soliciting for relief

First Time Abatement: Requirements and techniques

How an character taxpayer qualifies for Reasonable Cause abatement 

Procedures for soliciting for refund of paid consequences

Available administrative options

Who Will Benefit:

  • CPA Enrolled Agents (EAs)|
  • Tax Professionals Attorneys
  • Other
  • Tax Preparers
  • Finance professionals
  • Financial planners

Credits and Other information:

Session Duration: 2 Hours

Case Studies and Live Q&A session with speaker

PowerPoint presentation for reference

Session learning level: Introductory

Delivery method: Group Internet Based IRS Credits: 2 Tax Hours

Cancelling IRS Penalty and Interest Assessments

Available Options