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...
- Identify and interpret the most common IRS letters, including general notices, audit requests, collections, return inquiries, and error notices.
- Recall IRS deadlines and the importance of timely and accurate responses.
- Apply effective communication strategies when corresponding with the IRS.
- Proactively address IRS concerns to avoid escalation and penalties.
- Ensure compliance with IRS requirements when responding to correspondence.
- Assess common issues that arise from IRS letters and develop resolution strategies.
- Advise clients on their rights and responsibilities when dealing with IRS correspondence.
- Implement documentation and tracking practices to manage IRS responses effectively.
Major Topics
The major topics that will be covered in this course include:
- Industrial hemp vs. marijuana.
- Income definitions under I.R.C. §61.
- Tax code restrictions: §280E and §471.
- State-specific marijuana laws.
- Cash management in cannabis businesses.
- Federal court case analysis.
