IRS Practice Series: Computing Or Recalculating IRS Assessments For Interest & Penalties

Authored by Eva Rosenberg
About this Course
Topics covered include: 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. Upon completing this course, you should be able to: 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.
$ 17.00
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NASBA Field of Study
Taxes
Level
Intermediate
CPE Credits
2.0
Prerequisites
Knowledge in Interests and Penalties.
Last Updated
08/30/2018
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