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

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!