IRS Practice Series: After SUCCESSFUL Collections or Audits
Authored by Eva Rosenberg
About this Course
Topics covered include: The end of the audit; Closing letters — how to read them, ensure you get them, and the importance of ensuring you get them; Adjustment of tax attributes; Amending prior IRS and State returns affected by the settlement; Preparing current year returns based on audit results; Successful Collections — OIC or IA; Getting liens released.
Upon completing this course, you should be able to: Getting liens released; Identify the worst result in an audit; Differentiate reasons to get a copy of the audit closing letter; Identify causes to reduce tax attributes; Recognize which tax attributes are only reduced by 33 1/3; Identify which form to use when filing an amended return; Evaluate the most beneficial way to remove a lien for a client; Recognize which form the IRS uses in agreed audit cases; Identify which tax attributes are reduced by 100%; Recognize ways to get liens released; Identify which closing form the IRS uses in agreed audit cases; Describe tax attributes reduced by 100%; Recognize which lien release removes the lien from the taxpayer's credit the soonest; Describe why a client should never sign Form 2504; Differentiate which documents for liens or levies is needed to be released after a successful audit reconsideration; Describe why changes to medical expenses doesn't require amending other years; Identify changes which would generally require amending other years; Recognize true statements regarding cancellation of general, personal, or business debt; Identify which form to use to get a quick refund when you have a net operating loss on the current tax year's tax return; Differentiate true statements when you elect to waive your right to a net operating loss carryback.