How the IRS's New Strategic Operating Plan Will Affect Tax Professionals and Their Clients
Author: Eric L Green
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
The Inflation Reduction Act increased the IRS budget by roughly $80 billion over 10 years. But what exactly will this look like? Rumors abound in the media about 27,000 new auditors coming for taxpayers' assets, but the reality is much different. This course will cover the impact of the COVID-19 pandemic on the IRS, the current status of enforcement, and what practitioners and their clients can expect to see in the next two years from the IRS. We will cover the impact of the new hiring and systems on IRS exam selection and coverage and enforcement with tax lien and tax levy automation. The course will also review the changes to the collection alternatives for taxpayers to resolve their tax issues, including Offers-in-Compromise, Installment Agreements and Uncollectible status.
Publication Date: February 2024
Topics Covered
- IRS Released its Business Plan in 2023
- Current Landscape
- Enforcement is Ramping Up
- Benefits of New Government Funding
- ERC Claims
- Use of Data to Determine Audit and Criminal Targets
- Reasonable Compensation for S Corp Owners
- IRS Collection Process
- Transcripts
- Liens - Authority
- Collection Alternative: After Billing
- Proving Hardship
- Benefits of Being CNC
- Installment Agreements: Background
- Offer in Compromise
- Why RCP is so Important
- Strategies
Learning Objectives
- Describe the impact of the new funding on IRS operations
- Explain the IRS enforcement priorities
- Describe the improvements made for taxpayers to interact with the IRS
- Identify the tax form used to apply for a certificate of discharge of property from a federal tax lien
- Identify the IRC that requires a levy to be released if it will cause an economic hardship
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
