Important Insights on Forms K2 and K3 and Other Timely and Significant IRS Campaigns and Initiatives
Author: Richard Blumenthal, Randall P. Andreozzi
| 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 12/31/2027 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
This course provides discussion on the IRS Tax Gap analysis and the implementation of IRS compliance policies to address the tax gap. The course provides an overview of the filing requirement and the information required by the Forms K2 and K3 Schedules. The course includes an overview of the LB&I campaigns and TCJA tax provisions. The course concludes with penalty abatement and Tax Court cases with significant implications on tax administration.
Publication Date: June 2024
Topics Covered
- The Tax Gap - The genesis of the new wave of IRS compliance programs
- Large Business and International Business unit (LB&I) - Campaigns and Compliance Initiatives, 2024 Focus Guide
- Small Business Self Employed (SBSE) - Campaigns and Compliance Initiatives, 2024 Focus Guide
- Addressing Penalty assessments
- Overview of Tax Court cases with significant implications on tax administration
Learning Objectives
- Identify the components of IRS Tax Gap Analysis
- Identify LB&I Initiatives per 2024 Focus Guide
- Identify the filing requirements for Form K2-K3 Schedules
- Identify the applicable K-2 and K-3 Parts based on your taxpayer
- Identify the compliance issues in LB&I Domestic and International Campaigns
- Identify penalty assessments
- Identify significant Tax Court case implications
Level
Overview
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
