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 the stages of the IRS collection process, from initial notice to enforced collection actions.
- Recognize when Forms 433-A or 433-B are required and understand the information necessary to complete them.
- Evaluate the criteria for submitting an Offer in Compromise (OIC) and outline the submission process.
- Recall the different payment options available to taxpayers facing IRS collections.
- Determine how to effectively advise clients on navigating the IRS collection process.
- Minimize potential penalties and ensure compliance during the resolution process.
- Assess the implications of different settlement strategies, including OIC and installment agreements.
- Apply practical insights to real-world scenarios for resolving tax liabilities.
Major Topics
The major topics that will be covered in this course include:
- Subchapter S status election and compliance requirements
- Relief for late Form 2553 filings under Rev. Proc. 2022-19
- Comparison of Rev. Proc. 2022-19 and Rev. Proc. 2023-3
- I.R.C. §1361 and §1362 analysis for S Corporation elections
- Corporate governance and formalities compliance
- Shareholder stock and debt basis rules
- Built-in capital gains and other aspects of Form 1120S
- Schedules K-1, K-2, and K-3 preparation and reporting requirements
- Officer reasonable compensation: requirements, advisory strategies, and audit defenses
- S Corporation eligibility errors and corrective measures
