Providing a practical overview of the IRS Power of Attorney, Form 2848, and IRS Tax Information Authorization, Form 8821. Participants will explore the differences between these forms, understand when each is required, and how to comply with IRS requirements for representing clients and accessing their tax information. The course will cover practical issues, ethical considerations, and best practices for managing client authorizations through the IRS Centralized Authorization File (CAF) system. 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...
- Recall the Gramm-Leach-Bliley Act and its requirements for data security.
- Analyze compliance requirements under Circular 230 related to WISP and data security.
- Identify AICPA Statements of Standards applicable to WISP.
- Recall the essential components of a WISP and how to draft one.
- Recognize the role of employee and contractor training in maintaining data security compliance.
- Assess how FTC regulations impact WISP implementation and enforcement.
- Evaluate due diligence practices for ensuring WISP compliance.
- Develop strategies for monitoring and updating a WISP to meet evolving standards.
Major Topics
The major topics that will be covered in this course include:
- Types of IRS letters: General notices, audits, collections, return requests, and errors.
- Deadlines for responding to IRS correspondence.
- Communication best practices for dealing with the IRS.
- Avoiding escalation and penalties through proactive responses.
- Ensuring compliance when addressing IRS correspondence.
- Real-world examples of successful IRS communications.
- Common pitfalls in handling IRS letters and how to avoid them.
- Strategies for advising clients on IRS correspondence.
