Tax Penalties and Penalty Abatement: An Opportunity for Revenue Growth

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The IRS applies tax penalties automatically whenever certain issues arise, such as underpayment or a late filing. In 2022, the IRS assessed over $73 billion in penalties. Even taxpayers who “do not have a tax problem” have probably been charged penalties. Penalty abatement is one of the most sought-after services when taxpayers go looking for help. This program will cover how tax penalty abatement works for both the automatic first-time abatement and reasonable cause abatement, how to put together these requests and how to charge for this value-added service.

 

Objectives

  • Describe the first-time abatement program and when it applies.
  • Illustrate reasonable cause for avoidance of penalties.
  • Explain how to put together a reasonable cause request for abatement.  

 

Level: Essentials

$39 for members and $99 for nonmembers

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Tax Penalties and Penalty Abatement: An Opportunity for Revenue Growth
04/10/2024 at 2:00 PM (CDT)  |  Recorded On: 04/10/2024  |  60 minutes
04/10/2024 at 2:00 PM (CDT)  |  Recorded On: 04/10/2024  |  60 minutes The IRS applies tax penalties automatically whenever certain issues arise, such as underpayment or a late filing. In 2022, the IRS assessed over $73 billion in penalties. Even taxpayers who “do not have a tax problem” have probably been charged penalties. Penalty abatement is one of the most sought-after services when taxpayers go looking for help. This program will cover how tax penalty abatement works for both the automatic first-time abatement and reasonable cause abatement, how to put together these requests and how to charge for this value-added service.
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Live and Archive Viewing: 1.00 CLM Credit Unit credit and certificate available This session provides valuable information to any size firm where you will work through a check list of key components that should be a part of every written Business Continuity plan. That checklist can then be used to assess and revise your firm’s current plan.
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Eric L. Green, JD, LLM

Managing Partner

Green & Sklarz, LLC,

Eric L. Green, JD, LLM, is a Managing Partner at Green & Sklarz, LLC, a boutique tax firm with offices in Connecticut and New York. Green is a nationally renowned tax expert and author/commentator of IRS civil and criminal tax matters. He is a past Chair of the Executive Committee of the Connecticut Bar Association’s Tax Section and is a Fellow of the American College of Tax Counsel. He is the Founder of Tax Rep LLC that serves as a coach for accountants and attorneys on building their own IRS representation practices and is the host of the weekly Tax Rep Network Podcast.

CLM® Application Credit: 1 hour(s) of Organizational Development

CLM® Application Credit for Functional Specialists: 1 hour(s) in the subject area of Financial Management (FM) towards the additional hours required of some Functional Specialists to fulfill the CLM application. 

CLM® Recertification Credit: 1 hour(s) in the subject area of Financial Management  (FM)

 

*Please contact certification@alanet.org for information regarding continuing education credits. CE credit offered for this program is applicable to the 2024, 2025, and 2026 calendar years.