Bryan C. Skarlatos presented "IRS Update: Hot Tips On Tax Penalties" at the 2017 AICPA Sophisticated Tax Planning For Your Wealthy Clients Conference

The number of accuracy-related penalties assessed against individual taxpayers increased from 58,366 in 2005 to 553,184 in 2015. That is nearly a 1,000% 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 session provided useful tips on how to deal with the IRS when tax penalties raise their ugly head.

Learning Objectives Included

  • How the IRS approaches penalties.
  • What triggers a penalty assessment.
  • How to protect your client and yourself from tax penalties.
  • Hot tips for dealing with IRS penalties.