Penalty and Interest Accruals
Failure to File, Failure to Pay, Estimated Tax Penalty, Interest Calculations, Relief Options - Recorded 8/29/24
With the dramatic increase in IRS interest rates from 3% to 8% over the last two years, understanding how the IRS imposes interest on unpaid balances can help tax professionals mitigate interest accruals for clients. In addition, related penalties, such as the §6651(a)(2) failure to pay penalty and the §6654 estimated tax penalty, will also be discussed with potential mitigation and abatement strategies.
Learning Objectives
- Describe how interest accrues on unpaid federal balances.
- Describe how the failure to pay penalty accrues on unpaid federal balances.
- Describe how the estimated tax penalty is calculated.
- Explain potential mitigation and abatement strategies for interest accruals, the failure to pay penalty, and the estimated tax penalty.
Education Information
IRS Program Number: NMVBP-T-00277-24-S
Credit hours: 2 NASBA CPE / 2 IRS CE
Prerequisite: None
Advanced Preparation: None
Program Level: Basic
Delivery Method: QAS Self-Study (NASBA); On-Demand (IRS)
Field of Study: Taxes (NASBA); Federal Tax Topics/Federal Tax Related Matters (IRS)
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Course expires one year after purchase.
Instructor: Thomas Gorczynski, EA, CTP, USTCP Click here to learn more about the instructor.
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