IRS TAX PRACTICE & PROCEDURE INTRODUCTION

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IRS TAX PRACTICE & PROCEDURE INTRODUCTION

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Course Details

Overview of Topics

Accuracy related Penalties
4 mins
Authorities of IRS TAX PRACTICE & PROCEDURE INTRODUCTION
26 mins
Preparer Penalties
41 mins
Initial return Review
61 mins
Ex Parte Communications
79 mins

Course Description

Starting a tax practice is like starting any small business – it requires a lot of work. Generating multiple line of services such as accounting, payroll, tax preparation, tax advisory, tax representation, and tax consulting etc. to serve wide variety of clients takes years of quality services to establish a loyal client-base.

Establishing yourself as an independent tax preparation professional is a great way to acquire financial independence, whether you're practicing full time or supplementing your income from another source. It is a unique and intricate process, with Internal Revenue Service (IRS) requirements and ever-changing laws adding to the complexity.

Whether you are planning on becoming a solo practitioner or starting a larger practice, this special webinar provides a detailed explanation of the steps you can take to start your own professional tax practice that will help ease the process for you. With the right tools, experience and an entrepreneurial drive, you can become one of the many tax return preparation businesses that help 80 million Americans file each year.

The Internal Revenue Code creates a complex set of rules that need to be followed in order to successfully help your client through any adversarial processes.

Key Highlights of the Webinar:

The basics of tax practice and procedure.
Limitations and proper techniques of Tax Statutes.
Different ways of dealing with IRS administrative challenges

Webinar Qualifies for

2 CPE credit of Taxes for all CPAs
2 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )
2 CE credit of Federal Tax for Maryland Tax Preparers
2 CE credit of Federal Tax for Oregon Tax Preparers
2 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273)
2 General Educational credit for Tax Professionals/Bookkeepers/Accountants

Learning objectives

To understand the different IRS statutes of limitation
To apply rules to understand the IRS audit process
To apply rules to understand the IRS collection process
To determine if the Administrative Procedures Act applies to different IRS conduct
To determine when practitioner penalties could arise

About Presenter

Nicholas Preusch, CPA

Accounting Manager,PBMares, LLP

npreusch@gmail.com

Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the VSCPA’s Tax Advisory Committee and the AICPA’s Tax Practice and Responsibilities Committee. Nicholas is an adjunct professor with the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).

PBMares, LLP

www.linkedin.com/in/nick-preusch-2b256986

Nicholas Preusch, CPA, JD, LLM, is a tax manager with PBMares, LLP. Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the VSCPA’s Tax Advisory Committee and the AICPA’s Tax Practice and Responsibilities Committee. Nicholas is an adjunct professor with the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).

Review Questions

Question 1 : 00:15
Question 2 : 00:30
Question 3 : 00:45
Question 4 : 01:00
Question 5 : 01:15
Question 6 : 01:30

Review Questions
Final Quiz

If a taxpayer commits fraud, the IRS has how many years to audit the return?
- 3 years.
  If a taxpayer commits fraud, the IRS has unlimited number of years to audit the return.
- 10 years.
  If a taxpayer commits fraud, the IRS has unlimited number of years to audit the return.
- 15 years.
  If a taxpayer commits fraud, the IRS has unlimited number of years to audit the return.
- Unlimited number of year.
  If a taxpayer commits fraud, the IRS has unlimited number of years to audit the return.
All states follow the IRS statutes of limitations. Select appropriate regarding the statement.
- The statement is correct.
  All states follow the IRS statutes of limitations. The statement is incorrect. The majority of states adopt the same rules that the IRS follows, three years, but that can be increased to six years depending on the circumstances. Some states have a longer statute of limitations regarding the assessment of taxes.
- The statement is incorrect.
  All states follow the IRS statutes of limitations. The statement is incorrect. The majority of states adopt the same rules that the IRS follows, three years, but that can be increased to six years depending on the circumstances. Some states have a longer statute of limitations regarding the assessment of taxes.
- The states do not have statute of limitations.
  All states follow the IRS statutes of limitations. The statement is incorrect. The majority of states adopt the same rules that the IRS follows, three years, but that can be increased to six years depending on the circumstances. Some states have a longer statute of limitations regarding the assessment of taxes.
- No states have an income tax.
  All states follow the IRS statutes of limitations. The statement is incorrect. The majority of states adopt the same rules that the IRS follows, three years, but that can be increased to six years depending on the circumstances. Some states have a longer statute of limitations regarding the assessment of taxes.
The three year statute of limitations to audit a return does not apply when:
- The taxpayer under-reports 25% or more of income.
  The three year statute of limitations to audit a return does not apply when the taxpayer under-reports 25% or more of income.
- The taxpayer forgot a 1099 with $50 of income.
  The three year statute of limitations to audit a return does not apply when the taxpayer under-reports 25% or more of income.
- The taxpayer messed up a QBI calculation.
  The three year statute of limitations to audit a return does not apply when the taxpayer under-reports 25% or more of income.
- The taxpayer offset ordinary income with passive losses.
  The three year statute of limitations to audit a return does not apply when the taxpayer under-reports 25% or more of income.
The IRS has how many years to collect past due taxes
- 1 year.
  The IRS has 10 years to collect past due taxes.
- 5 years.
  The IRS has 10 years to collect past due taxes.
- 10 years.
  The IRS has 10 years to collect past due taxes.
- 15 years.
  The IRS has 10 years to collect past due taxes.
Which of the following tolls the statute of limitations for collection?
- An IRS audit.
  An offer-in-compromise tolls the statute of the limitations for collection.
- An Offer-in-Compromise.
  An offer-in-compromise tolls the statute of the limitations for collection.
- Taxpayers delaying.
  An offer-in-compromise tolls the statute of the limitations for collection.
- Practitioners delaying.
  An offer-in-compromise tolls the statute of the limitations for collection.
In which one of the following conditions IRS must release levy According to IRS Sec. 6343?
- When the tax liability is paid or the statute runs.
  Any over the top luxury item expenses can be limited.
- When the taxpayer executes an installment agreement.
  Any over the top luxury item expenses can be limited.
- When the levy causes an undue hardship on the taxpayer.
  Any over the top luxury item expenses can be limited.
- All of the above.
  Any over the top luxury item expenses can be limited.

Minimum 70% Questions answer should be right.

IRS generally has ___ years from when a return is filed to audit it.
- 3
- 4
- 5
- 6
IRS generally has ___ years from when tax is assessed to collect it:
- 7
- 8
- 9
- 10
A statutory notice of deficiency is always issued after an _____.
- Qualified Audit Report
- Audit
- Unqualified Audit Report
- None of the above.
For IRC 199A purposes, the 10% of tax required to be shown on the return changes to ___.
- 15%
- 12.5%
- 5%
- None of the above
Substantial authority can exist at which time?
- At the time the return is filed
- On the last day of the taxable year
- Both A and B
- A or B.
At the end of the audit, the client receive a letter outlining the final resolution of the issues. Which one of the following should be included in this letter?
- A detailed description of the impact on future years
- Any agreements on new accounting methods etc.
- A statement stating completion of engagement and no further service will be rendered regarding the same.
- All of the above.
A written protest is required in any case where there was a field audit and the total of the tax and penalties is greater than ______.
- $10,000
- $20,000
- $5,000
- None of the above.
Which of the following is true regarding appeals conference?
- The appeals conference is informal.
- No transcripts are made and no testimony is given under oath.
- The entire purpose is to negotiate resolution of the issues.
- All of the above.
Which one of the following is a factor that the IRS will generally consider in analyzing if to assert the penalty against an individual?
- Disregard circumstances and focus on law and facts only.
- A mere power to make the requisite payments to the IRS is sufficient
- Focus on scope of individual’s authority over financial affairs
- None of the above
Which one of the following is a defending collection actions?
- Innocent Spouse Relief
- Offer in compromise
- Both A and B
- None of the above.

FAQ

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As per NASBA guidelines, you have one year from date of registration to complete each program.
Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
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Reviews

4.1

(7)

43%

29%

DB

DARLENE BUSS , SRTP, EA

Nov 10th 2020

great

NASBA Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

IRS Approved

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MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary

CTEC Approved

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MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

On-Demand Webinars

IRC 199A: 2 YEARS IN – KEY OVERLOOKED PLANNING INITIATIVES

Wednesday, November 11, 2020 View Details/Register

PASSIVE LOSS ISSUES WITH SCHEDULE K-1S

Wednesday, November 11, 2020 View Details/Register

BEST TAX RETURN WORKSHOP ON Partnerships & LLCs (FORM 1065) - 2020 UPDATES

Friday, November 06, 2020 View Details/Register

ITEMIZED DEDUCTION UPDATES - WITH EXAMPLES & CASE STUDIES

Thursday, November 05, 2020 View Details/Register

COVER YOUR ASSETS: FRAUD AND INTERNAL CONTROLS

Monday, November 02, 2020 View Details/Register

Excel Accountant: CREATING ERROR-FREE EXCEL SPREADSHEETS

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HOW TO ANALYZE YOUR CLIENT’S TAX SITUATION

Monday, November 02, 2020 View Details/Register

BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S) - 2020 Updates

Friday, October 30, 2020 View Details/Register

IRS PENALTIES, ABATEMENTS, AND REASONABLE CAUSE

Wednesday, October 28, 2020 View Details/Register

YELLOW BOOK BOOT CAMP - NFP AND GOVERNMENTAL ACCOUNTING & AUDITING UPDATE

Wednesday, October 28, 2020 View Details/Register

IS IT DEDUCTIBLE: COMMONLY ASKED IRS DEDUCTIONS (UPDATED 2020)

Wednesday, October 28, 2020 View Details/Register

YELLOW BOOK BOOT CAMP – INTRODUCTION TO NFP AND GOVERNMENTAL ACCOUNTING & AUDITING

Monday, October 26, 2020 View Details/Register

Ethics for Wyoming CPAs

Friday, October 09, 2020 View Details/Register

CPA & ACCOUNTANTS: WHAT YOU SHOULD KNOW ABOUT CREDIT CARD SURCHARGING & IT'S LEGALITY

Thursday, October 22, 2020 View Details/Register

WORK WELL REMOTE: BOUNDARIES FOR BETTER HABITS

Wednesday, October 21, 2020 View Details/Register

Cost $20
CPE Credits 2
CE Credits 2
IRS Course ID GEHNZ-U-00213-20-S
CTEC Course ID 6273-CE-0220
Subject Area Taxes
Course Level Basic
Instructional Method QAS Self Study
Prerequisites None
Advanced Preparation None
Published Date November 06 ,2020
Who should attend? Enrolled Agent Tax Practitioners Bookkeeper Accountant CPA - Small Firm CPA - Mid Size Firm Accounting Firm Tax Firm Young CPA Tax Accountant (Industry) Accounting Practice Owners Accounts Director Entrepreneurial Accountant Tax Managers Accounting Managers Tax Preparer
Handout Material Download
Key Terms Download

On-Demand Webinars

IRC 199A: 2 YEARS IN – KEY OVERLOOKED PLANNING INITIATIVES

Wednesday, November 11, 2020 View Details/Register

PASSIVE LOSS ISSUES WITH SCHEDULE K-1S

Wednesday, November 11, 2020 View Details/Register

BEST TAX RETURN WORKSHOP ON Partnerships & LLCs (FORM 1065) - 2020 UPDATES

Friday, November 06, 2020 View Details/Register

ITEMIZED DEDUCTION UPDATES - WITH EXAMPLES & CASE STUDIES

Thursday, November 05, 2020 View Details/Register

COVER YOUR ASSETS: FRAUD AND INTERNAL CONTROLS

Monday, November 02, 2020 View Details/Register

Excel Accountant: CREATING ERROR-FREE EXCEL SPREADSHEETS

Monday, November 02, 2020 View Details/Register

HOW TO ANALYZE YOUR CLIENT’S TAX SITUATION

Monday, November 02, 2020 View Details/Register

BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S) - 2020 Updates

Friday, October 30, 2020 View Details/Register

IRS PENALTIES, ABATEMENTS, AND REASONABLE CAUSE

Wednesday, October 28, 2020 View Details/Register

YELLOW BOOK BOOT CAMP - NFP AND GOVERNMENTAL ACCOUNTING & AUDITING UPDATE

Wednesday, October 28, 2020 View Details/Register

IS IT DEDUCTIBLE: COMMONLY ASKED IRS DEDUCTIONS (UPDATED 2020)

Wednesday, October 28, 2020 View Details/Register

YELLOW BOOK BOOT CAMP – INTRODUCTION TO NFP AND GOVERNMENTAL ACCOUNTING & AUDITING

Monday, October 26, 2020 View Details/Register

Ethics for Wyoming CPAs

Friday, October 09, 2020 View Details/Register

CPA & ACCOUNTANTS: WHAT YOU SHOULD KNOW ABOUT CREDIT CARD SURCHARGING & IT'S LEGALITY

Thursday, October 22, 2020 View Details/Register