Minimizing estate and gift tax penalties is important for preserving wealth and ensuring compliance with tax regulations. Beth Kaufman and Melissa Wiley, Partners with Lowenstein Sandler in Washington DC, join this segment to discuss best practices and compliance strategies with respect to estate and gift taxes. This includes discussion of reasonable cause and willful neglect, building a persuasive case for reliance on tax professionals, and understanding penalties for appraisers under IRC Section 6695A. They also discuss strategies to manage late filing and payment penalties, how to leverage the Internal Revenue Manual for penalty abatement/reasonable cause statements, and considerations when applying first-time abatement (FTA).
Learning Objectives
• Identify the common reasons for penalties related to estate and gift tax filings
• Recognize the criteria for reasonable cause and willful neglect in tax penalties
• Recognize types of penalties for appraisers under IRC Section 6695A
• Determine strategies to manage and avoid late filing and payment penalties
Major Topics
• tax planning strategies
• SEC reporting updates
• ASC 606 implementation
• revenue recognition standards
• automation for accountants
• contract accounting
• financial disclosure requirements