Thsi course provides a comprehensive overview of Written Information Security Plans (WISP), focusing on their purpose, requirements, and implentation. All PTIN holders must certify they have a WISP prior to renewal, along with certifying the training of employees, staff and contractors as necessary. Participants will explore the history and legal foundation of WISP under the Gramm-Leach-Bliley Act, and how compliances is enforsed through IRS Circular 230, AICPA Statments of Standards, The American Bar Associations and the Federal Trade Commission (FTC). 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 historical view of U.S. taxation.
- Distinguish between industrial hemp and marijuana.
- Recall the definition of income as defined by I.R.C. §61.
- Apply the restrictions and limitations of §280E and §471.
- Examine state marijuana laws.
- Recognize the challenges of a cash-intensive business.
- Analyze relevant federal court cases.
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.
