Course Description
The IRS
uses Collection Information Statements (Forms 433-F and 433-A) to gather
financial information from taxpayers, including self-employed people. These
forms ask for your monthly income and expenses and the value of any assets you
have, such as bank accounts, real estate, stocks,
etc. The IRS uses these financial statements to figure out your ability to pay
your balance in full or to make monthly payments if you don’t qualify for a
guaranteed or streamlined installment agreement.
This CE/CPE
webinar is designed to educate a practitioner on how to effectively leverage
the IRS Collection Information Statement (CIS). It will provide an in-depth
look at how to prepare CIS forms to request a hardship, PPIA, or installment
agreement under the six-year or one-year rule. It will also a brief overview of
the three types of expenses used on CIS forms and how to present this type of
financial information to ACS and Revenue Officers.
The IRS’s
main collection division, Automated Collections, uses the 433-F
form extensively when determining the collectability of a taxpayer
with past-due tax balances. Often a taxpayer wants to resolve these back-tax
issues, but the IRS default collection schemes are very rigid and unaffordable
to a taxpayer that is experiencing or will experience financial hardship.
Establishing hardship resolutions with the IRS requires advocacy, negotiation,
and substantiation.
This CE/CPE Tax webinar will educate a
practitioner on the mechanics of the required forms and necessary
substantiation to effectively advocate for a client, regarding: Collection Potential.
Learning Objectives
- To analyze proper forms to complete depending on the collection jurisdiction.
- To identify expenses that are generally “allowable”, and those that may be deemed “conditional”.
- To cite the relevant IRM sections that outline which expenses must be allowed (if reasonable) and which expenses are conditional but may still be allowable.
- To analyze how to advocate for expenses that fall outside of the national and local IRS standards.
- To inspect which expenses on a collection information statement must be substantiated with documentation and which expenses are deemed reasonable with no proof.
Recommended For
- This webinar will be insightful for CPAs, EAs, AFSPs, CTECs, Tax Preparers,
Tax Professionals, Managers, Business owners, Investors, and anyone else
interested in learning everything about IRS Collection Information Statement (CIS).
Who Should Attend?
- Annual Filing Season Program
- Bookkeepers & Accountants & Tax Preparers
- California Registered Tax Professional
- CPA (Industry)
- CPA - Mid Size Firm
- CPA - Small Firm
- Enrolled Agent
- Maryland Tax Preparers
- Oregon Tax Preparers
- Tax Accountant (Industry)
- Tax Firm
- Tax Professionals
- Young CPA
