Join expert, Eva Rosenberg, as she walks you through the 433 Series Collection Information forms and the national standards that govern them. Eva will also provide tips about things to take into account during COVID19. The course also addresses client expense planning to ensure the best deal possible.
Publication Date: June 2021
Designed For
Any proactive, current or prospective, Circular 230 practitioner that understands the IRS is ramping up the "close the tax gap". Tax practitioners who want to protect their existing clients from IRS' predatory collections action. And tax practitioners who want to grow their business into this rapidly expanding market.
Topics Covered
- 8 Steps to Filling out the Form 433 Series
- Taxpayer Compliance
- Which Form?
- National Standards for living expenses
- 433F
- 433A
- 433B
- Gathering Documentation
- Timing & Strategy
Learning Objectives
- Recognize how to use Collection Information forms, National Standards, and how to support your claims
- Differentiate which forms to use to provide client's financial information and status to IRS
- Recognize what to include with 433 Forms when sending to the IRS
- Identify the best way to reduce a client's tax debt
- Describe the earliest instance in which you may submit an offer
- Identify how a client should use the money first, when they owe IRS back taxes (Form 1040) for a period of 5 tax years, if a client only has limited funds
- Recognize which category doesn't have national standards amount
- Differentiate which strategies will not help us stop the IRS from taking further aggressive collections actions
- Identify where you can find the procedural rules IRS employees must follow to collect taxes
- Describe the best strategy when working an offer case
- Recognize which taxes must be paid for your client to be in compliance
- Identify the best way to use a taxpayers' limited funds
- Describe the current version of the offer in compromise process during COVID19
- Recognize which expenses are covered in the "Housing and Utility Standards"
- Describe which expenses the Transportation Standards cover
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
IRS Practice Series: Overview of Collection Issues and IRS Practice Series: 10 Steps to Resolving Collection Issues (or equivalent knowledge)
Advance Preparation
None
Instructor
Eva Rosenberg
Eva Rosenberg, EA, Your TaxMama® has been a member of NAEA for over three decades. TaxMama® has been teaching Enrolled Agents Exam review courses off and on since developing the program for UCLA Extension over 20 years agoThese days, she’s teaching her own course online at
www.irsexams.school
Eva has a B.A. in Accounting and an M.B.A. in International business. Your TaxMama® has been a TaxWatch columnist for Dow Jones'
www.MarketWatch.com for nearly 15 years, and award-winning author of two best-selling books,
Small Business Taxes Made Easy, (4th edition) published by McGraw-Hill and
Deduct Everything! from Humanix Publishing.
As a speaker, TaxMama® is popular with both tax professionals and taxpayers. Please drop by
www.TaxMama.com and get answers to tax questions we can't cover here, free, by simply clicking on this link:
http://iTaxMama.com/AskQuestion