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This webinar is an introduction to IRS penalty relief. Many penalties can be accrued by taxpayers who miss tax deadlines or payments. For compliant taxpayers, administrative relief can be found through first-time penalty abatement. There is also leniency for taxpayers who have gone through a life circumstance known as a reasonable cause. Today we'll look at both first-time penalty and reasonable cause penalty abatement. We will look at using these forms of penalty abatement for civil penalties, accuracy-related penalties, and failure to file penalties.
· To be able to define IRS penalty abatement.
· 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
· To understand the difference between a failure to file penalty and an accuracy-related penalty
Many taxpayers incur IRS penalties, fees, and interest due to a lack of knowledge. This webinar will help participants know how to request relief from these penalties from the IRS. This includes but is not limited to failure to file, failure to pay, and accuracy-related penalties.
· Certified Public Accountants (CPAs)
· Enrolled Agents (EAs)
· Tax Professionals
· Tax Attorneys
· Other Tax Preparers
· Finance professionals
· Financial planners
· Non-credentialed tax professionals
· Annual Filing Season Preparers
· Tax professionals interested in learning how to abate penalties for taxpayers
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.
Clatid 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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