This course offers a comprehensive exploration of the cannabis industry, delving into essential topics such as cannabis regulations, business models, financial management, and ethical considerations. A key focus is on distinguishing between Marijuana and Industrial Hemp, including their respective tax treatments. Participants will gain a thorough understanding of the unique challenges and opportunities within the cannabis sector, covering federal and state tax implications, licensing requirements, and market trends. 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:
- Overview of the IRS collection process.
- Taxpayer rights and the Taxpayer Bill of Rights.
- Collection due process and appeals.
- Installment agreements and offers in compromise.
- Wage garnishments, levies, and liens.
- Penalties and interest.
