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The Internal Revenue Service (IRS) Penalty Abatement program provides relief for taxpayers who have been penalized for failing to file their tax returns, failing to pay their taxes on time, or making errors on their tax returns. This program allows taxpayers to request a reduction or elimination of the penalties and interest they have incurred. To be eligible for IRS Penalty Abatement, taxpayers must have a valid reason for their failure to comply with the tax laws.
This webinar is an introduction to IRS Penalty Relief. Many penalties can be accrued by taxpayers that miss tax deadlines or payments. For compliant taxpayers, there can be administrative relief found through first- time penalty abatement. There is also leniency for taxpayers that have gone through a life circumstance known as a reasonable cause. This time, we’ll look at both first-time penalty and reasonable cause penalty abatement.
-Various types of Penalties
-To be able to define IRS penalty abatement.
-Rules on waiver of penalties and interests
-The qualifications for IRS first-time penalty abatement.
-How to request first-time penalty abatement.
-The qualifications for IRS reasonable cause abatement.
-How to request reasonable cause abatement.
Many taxpayers incur IRS penalties, fees, and interest due to a lack of knowledge. IRS penalties and interests increase the bill every day if your taxes are outstanding after the filing deadline. Taxpayers are liable for the additional penalties and interests on the entire outstanding amount even if they have qualified for a tax debt payment plan and have started to make payments. Remember that IRS is softer on failure to pay penalties than failure to file penalties.
This webinar will help participants know how to request relief from these penalties from the IRS.
-Tax professionals interested in learning how to abate penalties for taxpayers
-Non-credentialed tax professionals
-Annual Filing Season Preparers
-Certified Public Accountants (CPAs)
-Enrolled Agents
-Tax Attorneys
-Financial Professionals
-Financial Planners
Timalyn S. Bowens, EA, is an IRS-licensed enrolled agent who has been working in the tax industry for 11 years. She started Bowens Tax & Bookkeeping Solutions in 2016, helping small businesses keep their records straight and compliant with the IRS.
After becoming an enrolled agent in 2018, she began to fully help her clients negotiate with the IRS and represent them in audits. In 2021, her company became Bowens Tax Solutions as their primary focus is now to represent taxpayers before the IRS.
Timalyn is a member of the National Association of Enrolled Agents (NAEA) and the American Society of Tax Problem Solvers (ASTPS). She will be a speaker at an NAEA event later this year to train other tax professionals on a representation topic. She was also a speaker at the Tax and Accounting Summit of 2021.
In addition, Timalyn is a member of the Bellarmine University Alumni Board of Directors, where she serves on the mentor committee. She is also a Bellarmine University Alumni Ambassador, helping prospective students learn more about the university.
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Pearleducation is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org.
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