2024 Penalties, Fines, and Interest and How to Work With The IRS to Get Them Reduced and/or Eliminated

This program will provide a comprehensive overview of IRS penalties, fines, and interest, focusing on strategies for reduction and elimination. Designed for tax attorneys, CPAs, and financial advisors, the course will explore various types of penalties, abatement procedures, and alternative payment options for clients facing tax difficulties.

Led by Dr. Bart A. Basi, Senior Advisor at The Center for Financial, Legal, and Tax Planning, participants will gain insights into the intricacies of IRS penalties, including failure to file, failure to pay, accuracy-related penalties, and underpayment of estimated taxes. The program will benefit practitioners advising clients on tax compliance and resolution of tax controversies. Through case studies and practical examples, attendees will learn effective techniques for working with the IRS to reduce or eliminate penalties and interest, including first-time abatement, reasonable cause arguments, and offers in compromise.

Learning Objectives:

1. Analyze various types of IRS penalties and interest, including their calculation methods and application, to accurately assess client liabilities and potential relief options

2. Evaluate the criteria for penalty abatement, including reasonable cause and first-time abatement, to develop effective strategies for reducing or eliminating client penalties

3. Assess alternative payment options, such as installment agreements and offers in compromise, to assist clients unable to pay their full tax liabilities

4. Apply knowledge of IRS procedures and policies to effectively communicate with the agency on behalf of clients seeking penalty relief or payment arrangements

5. Develop comprehensive strategies to prevent future penalties by improving client compliance with tax filing and payment requirements