Session 1: 2023 IRS Collection Alternatives – Payment Plans, Offers In Compromise, and more
The Internal Revenue Service provides several options when a taxpayer needs assistance paying a tax debt or cannot pay at all. This webinar will discuss the various options available to taxpayers. Those options include payment plans, currently not collectible, and Offers in Compromise. Practitioners need to understand these various options so they can best advise their clients on what collection alternative is appropriate for their situation. Not every taxpayer is eligible for a payment plan or an Offer In Compromise. Our expert speaker will discuss how to approach the IRS, the strategies involved, and the required (and not required) financial statements and information to provide to the IRS.
Webinar Objectives
This program will provide insight and tools to assist you and your clients understand how to secure a collection alternative from the IRS – Payment Plan, Offer In Compromise, or Currently Not Collectible Status.
Webinar Highlights
- Overview of IRS Collection Process
- IRS Payment Plans
- IRS Offers In Compromise
- Currently Uncollectible Status
- Financial Disclosures
Session 2: IRS Update – What to expect from a fully funded IRS in 2024
A New Era of Funding, Priorities, and Strategies Unveiled Gain Insights and Tools to Navigate the IRS's 2024 Focus Amidst Significant Funding Boost
The Internal Revenue Service has received its largest ever funding increase in history. This program by Tax attorney, Adam Fayne will discuss how this funding will impact its enforcement priorities. Moreover, the IRS has recently announced new strategic audits using Artificial Intelligence, and this is just the beginning of a “new IRS”. Adam will discuss the Internal Revenue Service’s latest initiatives and how you can prepare for a successful year in representing your clients. Adam will also discuss the Internal Revenue Service’s audit and collection efforts and activities and what you can expect during 2024 year with an Internal Revenue Service.
Webinar Objectives
In this session, our goal is to equip you and your clients with the knowledge and resources needed to comprehend the Internal Revenue Service's priorities in 2024, driven by its substantial increase in capital and resources. Adam will explore the implications of this significant budget expansion for taxpayers, shedding light on what it entails for individuals and businesses alike.
Webinar Highlights
- The scope of the IRS increased budget
- What a fully funded IRS means for taxpayers
- What taxpayers can expect in 2024 with respect to IRS Audits
- What taxpayers can expect in 2024 with respect to IRS Collection
- IRS priorities for 2024
Session 3: 2023 IRS Penalty Abatements
The IRS asserts millions of dollars in tax penalties against taxpayers each year. This webinar will teach you how to represent your client and seek abatement and removal of IRS penalties. You will learn about Reasonable Cause exceptions to penalties, the First Time Penalty Abatement procedures, various methods to request penalty abatement (e.g. in exam, appeals, post-appeals, Collection Due Process), and how to litigate penalty abatement requests when you are unsuccessful in the examination , administrative, or appellate stage. We will also discuss the various types of penalties that the IRS may assert against your client.
Webinar Objectives
This webinar will provide insight and tools to assist you and your clients understand what penalties may be asserted if certain actions are taken, or not taken. You will learn how to dispute penalties at the various stages of a penalty lifecycle; e.g. examination stage, appellate stage, collection stage, and refund stage. Lastly, you will learn about the ability to dispute penalties administratively and through formal litigation in Tax Court and District Court.
Webinar Highlights
- The various penalties the IRS could assert against a taxpayer, including penalties related to foreign assets.
- Contesting Penalties in Examination
- Contesting Penalties in Appeals
- Contesting Penalties in Collection Due Process
- Contesting Penalties in Tax Court
- Contesting Penalties in District Court
- Automatic vs Discretionary Penalties
- Reasonable Cause exception to Penalties
Who Should Attend
Accountants, tax preparers, CFOs, financial compliance professionals, and lawyers
