Cut That Tax Debt by a Third – How to Cancel Penalty and Interest Assessments

Date: June 29, 2022
Time: 01:00 PM ET
Duration: 120 Minutes
Speaker: Samantha Galvin
CPE Credits : 2 (Taxes)

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Description

When taxpayers fail to meet their tax obligations the IRS can charge penalties. Penalties accrue interest if they are not paid in full. Owing tax is stressful and it’s made even more so when the debt continues to grow.

Clients often ask whether they can pay their tax debt without paying penalties and interest. Knowing when and how penalties can be avoided, disputed, or abated is a valuable skill in tax practice and can result in cutting your client’s tax debt by at least 1/3.

Cut debt quickly: learn when and how penalties can be abated immediately.

Cut debt permanently: timing is important; if your client cannot pay their balance in full in a reasonable amount of time, learn when and how penalties max out so that you can rest assured no additional penalties will accrue.

This webinar will teach you all that you need to know and provide examples of legal and factual arguments used in successful abatement requests.

 

In this two-hour webinar, you will learn:

  • The different types of penalties and when they apply
  • How penalties can be avoided
  • How penalties can be disputed
  • Defenses to penalties
  • How to determine which penalty abatement process to use
  • The requirements for First Time Abatement
  • The requirements for reasonable cause abatement
  • The questions to ask to build a case for abatement
  • How to prepare a reasonable cause abatement request
  • Appealing a reasonable cause abatement denial
  • Using an offer to reduce penalties and interest
  • Abating penalties in an audit and Tax Court
  • Recent developments and issues related to penalties
  • The rare circumstances in which interest can be abated

 

Who Will Benefit:

  • CPAs
  • Enrolled agents
  • Attorneys
  • Finance professionals
  • Financial planners
  • Tax Professionals

 

Session Prerequisites and preparation: None

Recommended CPE credit – 2.0

Recommended field of study – Tax

Session learning level: Basic to intermediate

Delivery method: Group Internet Base

 

This program has been approved for 2 CPE credits under NASBA.

Speaker

Samantha Galvin

Samantha Galvin is an Associate Professor of the Practice of Taxation and the Director of the Low Income Taxpayer Clinic (LITC) at the University of Denver. Professor Galvin has been teaching full-time for University of Denver’s Graduate Tax Program since 2013 and teaches courses in tax controversy representation, individual income tax, and tax research and writing. In the LITC, she teaches, supervises and assists students representing low income taxpayers with controversy and collection issues.

Professor Galvin specializes in individual income tax and tax controversy resolution matters. She has given numerous presentations to members of the LITC community and public interest organizations. She co-authored the Affordable Care Act chapter in the 7th and 8th Editions of the ABA Tax Section publication, “Effectively Representing Your Client Before the IRS,” and contributes monthly to Procedurally Taxing, a blog that addresses topics of interest for tax practitioners and academics.

Prior to joining the University of Denver faculty, Professor Galvin was a summer clerk at the United States Tax Court and an associate at an employee benefits and executive compensation consulting firm. Professor Galvin earned her J.D. and LL.M. (Taxation) from the University of Denver and her undergraduate degree from Eastern Illinois University.

Certificate

This program has been approved for 2 CPE credits under NASBA. 

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