Penalty Abatement and Reasonable Cause Defense – What You Should Really Know About Penalty Protection

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On August 18, 2020, at 12:00 pm (East­ern Time), join us for a free webi­nar with U.S. tax attor­ney Alex­ey Man­a­suev, LL.M. (Int’l Tax), NYU, TEP who will dis­cuss the cur­rent tax com­pli­ance frame­work, out­line prac­ti­cal con­sid­er­a­tions rel­e­vant to IRS penal­ties for late fil­ing of var­i­ous inter­na­tion­al infor­ma­tion returns, and share key IRS penal­ty defense strate­gies.   Who Will Ben­e­fit From Attend­ing This Webi­nar? This webi­nar is intend­ed for busi­ness own­ers, busi­ness­es, their trust­ed advi­sors and tax pro­fes­sion­als. The con­tent is espe­cial­ly rel­e­vant to U.S. tax and Cana­di­an tax advi­sors who are assist­ing their clients in address­ing U.S. tax and cross-bor­der impli­ca­tions.   Top­ics Cov­ered in This Webi­nar. U.S. inter­na­tion­al tax is very com­plex. The recent changes in the U.S. tax sys­tem (as a result of what is com­mon­ly referred to as the “2017 Tax Acts and Jobs Act”) and the increased tax enforce­ment and tax com­pli­ance ini­tia­tives by the IRS require care­ful review of one’s tax fil­ing and report­ing oblig­a­tions, whether it involves a busi­ness or an indi­vid­ual tax­pay­er. Penal­ties for non­com­pli­ance and for late fil­ings are sub­stan­tial and can vary from US $10,000 to US $25,000 per violation/form, not even men­tion­ing FBAR penal­ties that can be sub­stan­tial­ly high­er. Dur­ing the webi­nar, we will dis­cuss the applic­a­ble penal­ty regime (includ­ing Form 3520‑A, 3520, 5471, 5472, 8938 penal­ties) and share key strate­gies and approach­es avail­able to tax­pay­ers with respect to penal­ty abate­ment.   Here’s just a sam­ple of what we’ll cov­er dur­ing this webi­nar:
  • Cur­rent tax com­pli­ance and tax enforce­ment envi­ron­ment and update;
  • Review of key IRS penal­ties rel­e­vant to U.S. tax and cross-bor­der tax com­pli­ance and how they apply (Forms 3520‑A, 3520, 5471, 5472, 8938, 1120‑F, FBAR);
  • Traps for the unwary – oth­er inter­na­tion­al tax penal­ties to watch out for;
  • Penal­ty abate­ment – avail­able defence, effec­tive penal­ty expo­sure man­age­ment, and prac­ti­cal approach­es when assist­ing clients;
  • Penal­ty-relat­ed U.S. tax com­pli­ance tips and prac­ti­cal con­sid­er­a­tions;
  • … and more!
  To learn more, please reg­is­ter and gain the knowl­edge you need to help your clients pre­pare for their 2020 tax sea­son and effec­tive­ly man­age their poten­tial U.S. tax expo­sure, as well as pro-active­ly address poten­tial penal­ties and applic­a­ble penal­ty expo­sure. Plus, you can earn up to 1 CPD cred­it (rel­e­vant to Cana­di­an CPAs).  We hope you join us![templatera id=“34208”]

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