Participants will learn how to interpret the most common IRS correspondence, adhere to response deadlines, and effectively communicate with the IRS to resolve issues and minimize risks. It provides professionals with knowledge and strategies needed to handle the most common notices including audit requests, collections & return inquiries as well as error notices. Focusing on best practices to ensure compliance and avoiding penalties or escalation. 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:
- 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.
