The IRS recently established a new automatic process for penalty relief under which eligible taxpayers can receive relief from certain penalties without submitting a separate request. The new Automatic Exemption from Penalty (AEP) process replaces the traditional First-Time Abate (FTA) procedure for eligible returns as the IRS transitions to the new system. This course provides a practical guide to understanding the new automatic penalty relief process, evaluating taxpayer eligibility, addressing IRS processing issues, and navigating delinquent FBAR compliance.
Participants will examine how automatic penalty relief works, which taxpayers and penalties may qualify, and how the new process affects the traditional approach to requesting penalty relief. The course will also address situations where relief is not automatically applied and provide practical guidance for identifying and responding to IRS processing issues.
In addition, the course will cover delinquent FBAR compliance, including filing considerations for taxpayers with previously unreported foreign financial accounts, potential penalty exposure, and steps tax professionals should consider when bringing clients into compliance. Practical examples and case studies will help professionals apply these rules to common taxpayer situations.
Learning Objectives:
- Understand the eligibility requirements for the IRS Automatic Exemption from Penalty (AEP) process.
- Identify the penalties covered under the AEP process.
- Explain the compliance standards taxpayers must meet to qualify for automatic penalty relief.
- Differentiate between the AEP and First-Time Abate (FTA) procedures.
- Determine when taxpayers may need to pursue penalty relief outside the AEP process.
- Evaluate IRS processing issues when eligible penalty relief is not properly applied.
- Explain key considerations for delinquent FBAR filings and foreign financial account compliance.
- Assess potential penalty exposure for taxpayers with delinquent FBAR obligations.
- Apply practical strategies to common penalty relief and delinquent FBAR scenarios.
Session Highlights:
- New Automatic Penalty Relief Process
- AEP Eligibility Requirements and Covered Penalties
- Compliance Standards for Automatic Relief
- AEP Versus First-Time Abate
- Penalty Relief Outside the AEP Process
- IRS Processing Issues and How to Respond
- Delinquent FBAR Filing and Compliance
- Foreign Financial Account Reporting Requirements
- Penalty Exposure and Relief Considerations
- Practical Taxpayer Scenarios and Case Studies
Credits and Other information
- Recommended CPE credit – 2.0
- Recommended field of study – Taxes
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
- NASBA Sponsor: 146439
- IRS Course ID: PJGWS
- Attendance Requirement: Yes
- Session Duration: 2 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
Who should attend?
- CPAs
- EAs
- Tax return preparers
- Accountants
- Tax professionals
Coder Archives 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.nasbaregistry.org.
Speaker Profile:
Jason Dinesen (EA, LPA) is a tax nerd, entrepreneur, tax expert and a well known presenter of continuing education courses. He has an impeccable acumen for tax subjects, by virtue of which, he is known to create very well researched course materials helping individuals and businesses with accounting, bookkeeping, tax preparation, and business advisory in various industries.Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance to the professional community. Jason has coached over 200,000 accounting, tax, and HR professionals on various topics of accounting, individual taxation, corporate taxation, professional ethics, and much more.
Credits and Other information
- Recommended CPE credit – 2.0
- Recommended field of study – Taxes
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
- NASBA Sponsor: 146439
- IRS Course ID: PJGWS
- Attendance Requirement: Yes
- Session Duration: 2 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
We are approved to provide CPE/CE credits to Tax Professionals
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