This course is designed for tax professionals seeking to understand and navigate the IRS collection process effectively. Participants will gain indepth knowledge of the various collection methods employed by the IRS, including liens, levies and wage garnishments. Additionall, participants will leand strategies to avoid or halt collection actions and the implications of the statute of limitations on tax collection. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Learning Objectives
After attending this presentation, you will be able to...
- Compare S Corporations to other entity structures to assess suitability.
- Prepare Form 2553 and explain relief options for late filings under Rev. Proc. 2022-19.
- Distinguish between Rev. Proc. 2022-19 and Rev. Proc. 2023-3.
- Analyze I.R.C. §1361 and §1362 in the context of S Corporation elections and compliance.
- Identify and address S Corporation eligibility errors and implement corrective measures.
- Apply corporate governance procedures and corporate formalities.
- Assess shareholder stock and debt basis rules and implications.
- Recall critical aspects of Form 1120S, including built-in capital gains and accountable plans.
- Recall the preparation and reporting requirements for Schedules K-1, K-2, and K-3.
- Recall officer reasonable compensation requirements, including advisory strategies and audit defenses.
Major Topics
The major topics that will be covered in this course include:
- Introduction to the Gramm-Leach-Bliley Act and its impact on data security.
- Circular 230 compliance and due diligence for practitioners.
- AICPA Statements of Standards relevant to WISP requirements.
- Key components of a Written Information Security Plan.
- Training requirements for employees, staff, and contractors.
- Practical guidance for drafting and implementing a WISP.
- FTC enforcement of data security standards for PTIN holders.
- Best practices for maintaining and updating WISP compliance.
