This session reviews abatement options for common penalties, including, but not limited to, the failure-to-file penalty, the failure-to-pay penalty, and accuracy-related penalties. Strategies covered include First Time Abate, reasonable cause, statutory exceptions, and §6751(b), a relatively new penalty abatement strategy. The intersection of statutes of limitations and penalty abatement is also discussed.
Describe common penalties, when they are assessed, and the proper amount.
Explain when a taxpayer can use the First Time Abate procedure.
Understand what constitutes reasonable cause and how to effectively advocate when asserting reasonable cause.
Understand when §6751(b) is applicable to a penalty and how it provides penalty relief.
Explain how the refund statute of limitations can limit penalty abatement refunds or credits.
What You’ll Receive
Your webinar registration includes:
- Downloadable course materials and/or implementation tools as appropriate. These materials are available for download when you log into the webinar.
- The opportunity to listen to the optional question-and-answer session from the live webinar event.
IRS Program Number NMVBP-T-00125-19-S
Length: 100 minutes plus optional question-and-answer session (no CE)
Advanced Preparation: None
Program Level: Intermediate
Delivery Method: Self-Study
Field of Study: Federal Tax (IRS)
Credit hours: 2 IRS
Instructor: Thomas Gorczynski, EA, CTP, USTCP Click here to learn more about the instructor.All continuing education credit is provided through Gregory & Associates, Inc. which is doing business as Compass Tax Educators. Click here to learn more about our education policies.