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).