TAX2319. IRS Penalties

The IRS assesses penalties for many reasons, including failure to file, failure to pay, and other inaccuracies. Although true, the IRS may also allow for a reduction of the amount of some penalties in certain cases. In this environment of increased emphasis on enforcement initiatives, what types of penalties is the IRS most likely to assess and how should taxpayers and practitioners position themselves for successful abatement of such penalties?

Learning Objectives:

• Explain the penalties most commonly asserted by the IRS
• When is the utilization of First Time Abate (FTA) appropriate?
• Identify common defenses to penalties