Information Return Penalties
Target Audience: CPAs, EAs, RTRPs
Field of Study: Taxation (NASBA); Federal Tax (IRS)
Seminar Level: Beginner
IRS COMMUNICATIONS AND LIAISON IS REGISTERED WITH THE NATIONAL ASSOCIATION OF STATE BOARDS OF ACCOUNTANCY (NASBA) AS A SPONSOR OF CONTINUING PROFESSIONAL EDUCATION ON THE NATIONAL REGISTRY OF CPE SPONSORS. STATE BOARDS OF ACCOUNTANCY HAVE FINAL AUTHORITY ON THE ACCEPTANCE OF INDIVIDUAL COURSES FOR CPE CREDIT. COMPLAINTS REGARDING REGISTERED SPONSORS MAY BE SUBMITTED TO THE NATIONAL REGISTRY OF CPE SPONSORS THROUGH ITS WEBSITE: WWW.LEARNINGMARKET.ORG.
DISCLAIMER: THIS SEMINAR WAS FILMED IN ORLANDO, FLORIDA, ON July 27, 2010, AND THE INFORMATION WAS CORRECT AT THE TIME OF RECORDING.
The Small Business/Self-Employed operating division delivered this seminar at the IRS Nationwide Tax Forum in Orlando, Florida, in July 2010.
Financial institutions must file information returns to report certain types of payments. This session will focus on the ways to avoid information return penalties including ensuring the accuracy of filed documents. It will also address using the Filing Information Returns Electronically (FIRE) system to file information return forms.
By the end of this presentation you will:
- be aware of the additional information return documents that the IRS is considering for inclusion in the penalty program.
- understand the three new areas for proposed penalty enforcement.
- know how to use reasonable cause to request penalty relief.
- be familiar with the benefits of filing electronically using Filing Information Returns Electronically (FIRE).
No prerequisites or advanced preparation are required for this seminar.