Learn Tips from the Tax Trenches on How to Resolve Penalties and Interest
When you (or your business/client) get hit by a tax bill, it usually includes interest charges and penalties. These charges can be shockingly high – and in some case even more than 2x higher than your old tax bill. And once the penalties are decreed, the IRS assumes you accept them – unless you complain. But the good news is that IRS can cancel the interest charges and penalty just as easily as it added them.
The key to tax penalty relief is showing a reasonable cause for your failure to comply with tax law. Let tax and bankruptcy attorney Haleh C. Naimi disclose tips from the trenches on how to get your tax penalties and/or interest reduced – or even totally removed. Understand the different types of penalties you can be hit with – such as accuracy-related penalties, fraud penalties, understatement of valuation penalties, reporting requirement penalties, failure to file, pay or deposit penalties – and find out under what circumstances the penalties and interest can be abated.
Learn about the forms, requirements, and procedures (with useful practical tips) for requesting both First Time and Reasonable Cause abatement, as well as the procedures to follow when requesting refund of paid penalties.
After attending this in-depth session, you will know the remedies available for resolving penalties and interest – and be able to save hundreds, or even thousands, of dollars for your clients (or yourself).
After attending this session, you will:
Learn the rules on waiver of penalties and interest
Review forms and procedures for requesting relief
Understand the requirements and procedures for First Time Abatement
Know the qualifying factors for Reasonable Cause abatement
Learn the procedures for requesting refund of paid penalties
NASBA & IRS Category of Study: Taxes
Who Should Attend
This webinar will provide valuable assistance to all personnel in:
Haleh Naimi is the managing shareholder of the law firm of Advocate Solutions, Inc., which received the award Tax - Law Firm of the Year 2016 and 2017 by Lawyer Magazine. She specializes in tax and bankruptcy law representing individuals and businesses (ranging in siz...