Bryan C. Skarlatos presented "IRS Update: Hot Tips On Tax Penalties" at AICPA Engage 2018

The number of accuracy-related penalties assessed against individual taxpayers increased from 58,366 in 2005 to 499,190 in 2016. That is nearly a 900% increase over the past decade! Are there more bad taxpayers? Or, is the IRS just getting more aggressive about asserting penalties?

Regardless of the answer, responsible tax practitioners must understand what triggers a penalty assessment and how to protect their clients and themselves against such assessments. This seminar reviewed the standards and transactions that can trigger penalties and how to defend against them.

Other topics included learning when the IRS will impose penalties, understanding the procedures the IRS uses to impose penalties, developing strategies to defend against penalties, and advising clients who may want to engage in risky conduct.