IRS Practice Series: Computing Or Recalculating IRS Assessments For Interest & Penalties (Currently Unavailable)

Author: Eva Rosenberg

Are you familiar with the guidelines the IRS uses to compute penalties and interest? Course participants gain valuable computation tools, as well as strategies for penalty and interest reduction.

Publication Date: July 2018

Designed For
Any proactive, current or prospective, Circular 230 practitioner who understands that the IRS is ramping up the "close the tax gap". Tax practitioners who want to protect their clients from IRS' predatory collections action. Tax practitioners who want to prevent the erosion of their client base, as their clients turn to free and cheap tax preparation services online. Tax practitioners who want to develop the skills to prevent and/or resolve IRS collections actions. And tax practitioners who want to grow their business into this rapidly expanding market.

Topics Covered

• Introduction to penalties and their purpose
• Dealing with Proposed Penalties
• Dealing with Assessed Penalties
• Penalties in Detail
• Preparer Penalties
• Recomputing and Reducing Penalties
• Career Reducing Penalties
• Resources

Learning Objectives

• Recognize methods for reducing penalties and interest on assessed tax balances
• Identify the first in the tax penalty abatement process
• Describe tactics to get penalties abated when the IRS proposes a penalty and the taxpayer then has time to convince the IRS that the penalty is not warranted
• Recognize the primary reason penalties exist
• Identify which penalty relief criterion includes those cases that clearly have the law in the client's favor
• Evaluate the importance the IRS place on the taxpayer's actions once the facts and circumstances changed and what attempt the taxpayer made to comply
• Differentiate qualifying types of illness or disability
• Recognize the Internal Revenue Service's (IRS) stated purpose of assessing penalties to taxpayers
• Identify what can result in tax penalty abatement most of the time
• Evaluate methods of abatement not included in penalty assessments but may prove effective
• Recognize reasons the IRS may consider a Special Circumstance
• Evaluate the statute of limitation on tax assessments for fraudulent returns
• Identify how many separate IRS penalty provisions exist
• Recognize when the IRS will abate penalties
• Identify the penalty for a payroll tax deposit that is 2 days late
• Evaluate circumstances when interest would not be disregarded for a period of time
• Recognize reasons for not abating penalties not outlined
• Identify mistakes take from other explanations
• Illustrate how to prove you received oral advice from the IRS
• Describe undue hardship
• Identify circumstances where the IRS must accept a form as being timely filed

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Knowledge in Interests and Penalties.

Advance Preparation
None.