Top Ten Tips to Help Your Clients Avoid Penalties

Course Details

Course Name: Top Ten Tips to Help Your Clients Avoid Penalties

CPE Credits: 4

IRS Credits: 4

Type: Online/Video

Exam: Passing grade (70%)

Price: $60

Description:

In 1955 there were only 14 taxpayer penalties and today there are over 170. Penalties have shifted from being a technique to encourage voluntary compliance to a revenue raiser for the government. This course will review the penalties assessed taxpayers, especially the automatic penalties, and show you steps to avoid them as well as to have them abated. Last year alone, nearly 40% of all penalties assessed were abated.

Topics:

Overview

Be ready for your client to be penalized

Prepare your penalty defense early

You can't be penalized on a refund return

Be tough on filing a valid extension

Failure to pay is better than failure to file tip #6 – It may be better to file and amend than wait to file a return

Estimated tax payments

Follow up on action items

Accuracy related penalties

Substantial valuation misstatments

Tip #8 – Understand the thresholds when dealing with valuations