As a tax preparer, you must be aware of the stiff penalties for failing to meet IRS due diligence requirements. Understand that both you and your clients are at risk of being assessed penalties by the IRS
In general terms, this is one of the most frequent questions we get from prospective clients. So then, How do you file US tax returns while in Canada?
The first question we need to ask is whether you’re actually required to file US tax returns. Generally speaking, US citizens and Green Card holders are required to file US tax returns regardless of where they live. Therefore Americans living in Canada, whether they’ve recently moved to Canada or have been in the country their entire lives are required to file US tax returns in addition to their regular Canadian tax returns.
In this issue, ESOP Plan Administrator Kelly Irizarry outlines the small, but highly regulated element of tax reporting as part of the overall ESOP recordkeeping process. We also highlight a few of the ongoing community service projects performed by staff from the Philadelphia office.
Read about the various tax resolution options available for individual and businesses. One or many of the options are usable depending on the tax issues involved.
In general terms, this is one of the most frequent questions we get from prospective clients. So then, How do you file US tax returns while in Canada?
The first question we need to ask is whether you’re actually required to file US tax returns. Generally speaking, US citizens and Green Card holders are required to file US tax returns regardless of where they live. Therefore Americans living in Canada, whether they’ve recently moved to Canada or have been in the country their entire lives are required to file US tax returns in addition to their regular Canadian tax returns.
In this issue, ESOP Plan Administrator Kelly Irizarry outlines the small, but highly regulated element of tax reporting as part of the overall ESOP recordkeeping process. We also highlight a few of the ongoing community service projects performed by staff from the Philadelphia office.
Read about the various tax resolution options available for individual and businesses. One or many of the options are usable depending on the tax issues involved.
Guide to Fiduciary Funds by Wayne B LippmanWayne Lippman
Guide to Fiduciary Funds
Used to account for funds held by Govt entity as a Trustee or Agent
Uses Accrual basis of accounting and Economic Resources measurement focus (2 Exceptions)
Only Fund Statements are prepared by Fund Type
Statement of Net Assets
Statement of Changes in Fiduciary Net Assets
Combining Statements
The term “fringe benefit” refers to any benefit provided to
an employee that is in addition to money. All benefits provided
to an employee are taxable unless the law specifically
excludes or defers tax on the benefit.
US Expatriate Tax Presentation given in Puerto Vallarta and Melaque Mexico for Americans living there concerning filing FBAR forms, form 8938 and other required IRS foreign reporting forms by Don D. Nelson, Attorney, CPA. His website at www.taxmeless.com has a wealth of additional information
If an individual, partnership, estate, trust, or an S corporation
engages in an activity that is not conducted as a
for-profit business, expenses (other than cost of goods sold)
are not deductible. This rule does not apply to corporations,
other than S corporations. If an activity is considered
a for-profit business, deductions can exceed income, allowing
the resulting loss to offset other income.
Individual taxpayers who are under audit by the IRS may attend the audit in person without any assistance from a tax professional. However, this can be a dangerous mistake. Although not officially stated, it is the job of an IRS Revenue Agent to conduct an audit with an eye toward finding additional tax owed. With so many gray areas in tax law, and considering the tax code’s complexity, an individual who chooses to go it alone is a sitting duck. With extensive tax education and experience, the examiner can take a position to find additional tax due on the return. Without the necessary knowledge, the taxpayer is powerless to refute the agent’s rationale.
Ayar law-Delinquent business tax collections MICPAVenar Ayar
Case Study of what the IRS will do and how they will collect your tax dollars owed. When the worst happens call Ayar Law. Don't face your tax problems alone we will help.
Guide to Fiduciary Funds by Wayne B LippmanWayne Lippman
Guide to Fiduciary Funds
Used to account for funds held by Govt entity as a Trustee or Agent
Uses Accrual basis of accounting and Economic Resources measurement focus (2 Exceptions)
Only Fund Statements are prepared by Fund Type
Statement of Net Assets
Statement of Changes in Fiduciary Net Assets
Combining Statements
The term “fringe benefit” refers to any benefit provided to
an employee that is in addition to money. All benefits provided
to an employee are taxable unless the law specifically
excludes or defers tax on the benefit.
US Expatriate Tax Presentation given in Puerto Vallarta and Melaque Mexico for Americans living there concerning filing FBAR forms, form 8938 and other required IRS foreign reporting forms by Don D. Nelson, Attorney, CPA. His website at www.taxmeless.com has a wealth of additional information
If an individual, partnership, estate, trust, or an S corporation
engages in an activity that is not conducted as a
for-profit business, expenses (other than cost of goods sold)
are not deductible. This rule does not apply to corporations,
other than S corporations. If an activity is considered
a for-profit business, deductions can exceed income, allowing
the resulting loss to offset other income.
Individual taxpayers who are under audit by the IRS may attend the audit in person without any assistance from a tax professional. However, this can be a dangerous mistake. Although not officially stated, it is the job of an IRS Revenue Agent to conduct an audit with an eye toward finding additional tax owed. With so many gray areas in tax law, and considering the tax code’s complexity, an individual who chooses to go it alone is a sitting duck. With extensive tax education and experience, the examiner can take a position to find additional tax due on the return. Without the necessary knowledge, the taxpayer is powerless to refute the agent’s rationale.
Ayar law-Delinquent business tax collections MICPAVenar Ayar
Case Study of what the IRS will do and how they will collect your tax dollars owed. When the worst happens call Ayar Law. Don't face your tax problems alone we will help.
The US tax laws have various deadlines that can cause problems for taxpayers, as late submissions may result in paying more tax than they owe. However, there are also timing rules that apply to the IRS, such as the timeframe for issuing a refund to the taxpayer. The tax code sets the limits for taxpayers to file for a refund claim, which is generally two years from the date of payment or three years from the date of the original tax return, whichever is later. The IRS also has a time limit for issuing a refund once a claim has been filed, as outlined in Sections 6532 and 6514.
One solution for extending the two-year period for the taxpayer or the IRS to bring a suit is the Form 907 Agreement to Extend Time. This form has to be signed by both the taxpayer (or their attorney) and the IRS before the two-year period lapses. However, the taxpayer has to know about this form and track the time limit to find an IRS employee who is able to sign the form.
In cases where the taxpayer has filed an administrative protest and is waiting for the IRS Office of Appeals, they may not have filed a refund claim. Instead, they may have only filed an original return and the IRS conducted an audit and proposed adjustments, but the taxpayer had other issues that required a refund that was not included on the original return.
There have been cases where the courts have recognized some writings as refund claims, even though they did not comply with the formalities outlined by the IRS. The Kaffenberger case, for example, involved a tax refund for the year 1989, and the court held that an informal claim depends on the individual facts of each case and whether the IRS knew or had reason to know of the taxpayer's intent to claim a refund.
In conclusion, the US tax laws have various deadlines and rules that can create difficulties for taxpayers and the IRS. The Form 907 Agreement to Extend Time is one solution for extending the two-year period for bringing a suit, but taxpayers have to be aware of the form and track the time limit. Informal refund claims can also be recognized by the courts if the IRS knew or had reason to know of the taxpayer's intent to claim a refund.
Reporting Requirements for US Citizens with Foreign Assetsgppcpa
The presentation reviews the reporting requirements for US citizens with foreign assets and the remedies for non-compliance. You will view the appropriate tax forms needed for reporting, due dates and penalty amounts. Te difference between willful and non-willful will be explained.
Numerous US individuals own overseas assets or have an interest in them. The IRS may penalize these taxpayers if they fail to report these assets on their tax filings. Consequently, the streamlined filing compliance procedure exists to assist these individuals with:
– A streamlined process to file delinquent or amended tax returns;
– Resolving tax and penalty procedures for filing delinquent or amended returns; and
– Resolving penalty and tax obligations
This webinar will guide you through the complexities of Streamlined Filing Compliance Procedures and make your US Tax Journey Exponentially easier!
Takeaways:
Topics that we will cover in the upcoming webinar:
1. Introduction to Streamlined filing
2. Eligibility Criteria for Streamlined Filing
3. Types of Streamlined Filing
– Streamlined Foreign Offshore Procedures
– Streamlined Domestic Procedures
4. Other rules and regulations
5. FAQs, and much more
Who Attended?
- US Citizens Living in the US and Outside
- CPAs, EAs, CAs, ACCAs
- Tax and Accounting Professionals with US Citizens as their clients
There are several ways to solve your irs tax troubles, and your tax lawyer can help you decide which solution is best for you.
http://www.irstaxreliefsettlement.com
The CalCPA Committee on Taxation recently met with FTB representatives to discuss trending tax topics. Questions presented by CalCPA; answers provided by FTB.
The CalCPA Committee on Taxation recently met with FTB representatives to discuss trending tax topics. Questions presented by CalCPA; answers provided by FTB.
Income tax preparation – choose wiselytpreparation
Income tax preparation Chicago- Get high quality accounting services for all sizes of projects. That can help you to handle the most complicated tax issues. Are you ready for us to prepare your personal income tax? Schedule your free consultation today!
Topics include:
Helping Financial Leaders Gain a Broader Perspective on Their Business
Blockchain and Cybersecurity
The War on Talent
Tax & Accounting Update
The Impact of the Tax Cuts & Jobs Act on High Tax Bracket Individuals - Show ...gppcpa
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Tax Reform Update for Businesses and Individualsgppcpa
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International Tax Reform - Tax Cuts and Jobs Act of 2017gppcpa
This presentation is an overview of the new tax law and how it impacts international taxation including such topics as the Participation Exemption, Transition Tax, Global Intangible Low-Taxed Income, Foreign-Derived Intangible Income, Base Erosion and Anti-Abuse Tax, and Interest Deductibility.
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Cybersecurity has become an important issue for today's businesses. This presentation will review current scams and fraud, how to develop a plan to keep your business safe and secure, tips and resources.
Occupational Fraud and Electronic Evidence Investigationsgppcpa
This presentation is intended to raise awareness about occupational fraud, and provide a strong overview of electronic evidence investigations.
The course was presented by Jerry Murray, CPA CFE, CGMA and Lance Sloves, CCE & CCME. Jerry serves as the head of the Fraud and Forensics practice at GPP, as well as being a member of the attest team. He is the “go-to” professional on all issues relating to fraud and forensic accounting and has a vast understanding of accounting records, internal controls, asset tracking, GAAP application, financial problem solving, forensic investigations and financial statements.
Lance has advised hundreds of businesses and litigation professionals on Computer Forensics, eDiscovery and other technological issues relevant to the practice. He has completed hundreds of examinations globally and forensically imaged over 1,000 computers and devices. Lance has testified multiple times and is qualified as an Expert in the State of Texas in both Civil and Criminal matters, and Federal Court.
Occupational Fraud - What Dentists Need to Knowgppcpa
This presentation covers the definition of occupational fraud, the risk factors, the fraud triangle, how motive, opportunity and rationalization all play into fraud, what to do when fraud is detected, and actionable anti-fraud steps.
Are your medical office practices putting you at risk for a lawsuit?gppcpa
The presentation reviews reasons why employees and patients file lawsuits against their employers and doctors, respectively, and what you can do to mitigate the risk.
Divorce & Estates: Tax and Other Financial Considerationsgppcpa
This course will provide an overview of the different tax and other financial considerations when dealing with issues of divorce. This includes the costs involved, alimony, and filing status, as well as considerations when dealing with estates, including income tax returns, estate and gift taxes, etc.
Accountants, Erick Cutler and Jerry Murray, from the Dallas firm Goldin Peiser & Peiser, LLP spoke at the Arlington Dental Study Club November 17th. on the topic of fraud and embezzlement in dental practices. The purpose of the presentation was to raise dentists' awareness of fraud and provide information and ideas the attendees could take back to their practices. Contact Goldin Peiser & Peiser, LLP for more information or visit www.gppcpa.com.
In depth presentation on considerations for choosing the most beneficial entity for a particular business or financial situation - LLC, Sole Proprietorship, General Partnership, etc. Contact Goldin Peiser & Peiser, LLP for more information or visit www.gppcpa.com.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
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This strategic move aims to redefine and elevate the banking experience for customers.
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The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
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NBFCs are critical in bridging the financial inclusion gap.
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Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
4. Compliance Issues
• IRS performed a study that showed
approximately 24% of all EITC claims have a
mistake, costing the Treasury about $16
billion each year.
• 60% of the EITC errors fall into one of three
categories:
– Improperly filing as single of HOH when legally
married
– Improperly claiming a child
– Schedule C over-reporting or under-reporting in
order to qualify for (or maximize the amount of)
the EITC
5. IRS Return Preparer Initiative
• In 2011, responding to concern about the
performance of some unlicensed tax
return preparers, the IRS attempted to
regulate the industry. Among other
things, they required return prepares to
perform the following:
– Pass a certification exam
– Pay annual fees
– Complete at least 15 hours of continuing
education each year
6. IRS Return Preparer Initiative
(cont.)
• At the time, the IRS estimated that there
were 600,000-700,000 unlicensed return
preparers in the country.
• As justification for the new regulations,
the Treasury relied on a law passed in
1884 that authorized the IRS to regulate
the practice of representatives of persons
before the Department of the Treasury.
7. IRS Return Preparer Initiative
(cont.)
Loving v. Internal Revenue Service:
Three unlicensed return preparers sued the
IRS and claimed that the 1884 law did not
give the IRS authority to regulate the return
preparer industry. The court ultimately sided
with the return preparers, and the IRS was
enjoined from enforcing its new regulations.
8. IRS Return Preparer Initiative
(cont.)
• Since the Loving decision, Congress has
mulled passing legislation to give the IRS
authority to regulate the industry, but it
has not happened yet
• In response, the IRS has ramped up
enforcement efforts against unlicensed
return preparers, both on the civil side
and the criminal side.
10. Warning Letters
• Rather than conducting a Due Diligence
Visit (DDV), the IRS may send a return
preparer a warning letter.
• The IRS is not required to issue a warning
letter prior to auditing a return preparer
and assessing penalties.
11. Warning Letters (cont.)
Letter 5025 or 4858
This is a warning letter the IRS sends out to
some preparers to warn them that, based
on a review of previous returns they have
prepared, they may be failing to comply
with the due diligence requirements. The
IRS is not required to issue such a letter
before conducting a Due Diligence Visit and
assessing penalties.
12. Warning Letters (cont.)
Letter 5138
This is a letter that notifies a return preparer
that one or more of their clients’ returns are
being audited for improperly claiming the
EITC, and it notifies the return preparer that
the IRS will be monitoring future returns that
they prepare.
13. Warning Letters (cont.)
Letter 5364
This letter notifies the return preparer that
two or more returns they prepared did not
include a Form 8867.
14. Due Diligence Visits
• Typically conducted early in the year prior
to filing season.
• Revenue Agent typically has a list of 50
returns to review. They usually start with
the first 25 on the list.
– If there are no problems, they will stop there.
– If there are problems, they will also review the
remaining 50.
15. Penalty
• Under 26 U.S.C. § 6695(g), there is a $520
penalty (adjusted for inflation) for failure
to comply with the due diligence
requirements imposed by the Treasury
with respect to determining eligibility for:
– Head of Household filing status
– Earned Income Tax Credit (Refundable)
– Additional Child Tax Credit (Refundable)
– American Opportunity Tax Credit (Refundable)
16. Penalty (cont.)
• In the past, IRS would only assess one
penalty per return.
• Treas. Reg. § 1.6695-2 has been rewritten
so that a separate penalty can be assessed
for each individual failure.
• Up to four penalties can now be assessed
per return: $520 x 4 x 50 = $104,000
18. Due Diligence Requirements
• Completion and submission of Form 8867
• Computation of tax credit
– Either complete the proper worksheet for the
type of credit (e.g., Form 8863 for the
American Opportunity Credit) or
– Record in the files the method and
information used for making the
computations
19. Due Diligence Requirements(cont.)
• Knowledge Requirement
– The preparer must not know, or have reason to know,
that any information used in determining eligibility
for, or the amount of, the refundable credit in
question is false.
– The preparer may not ignore the implications of
information furnished to, or known by, the preparer,
and must make reasonable inquiries if a reasonable
and well-informed tax return preparer knowledgeable
in the law would conclude that the information
furnished to the tax return preparer appears to be
incorrect, inconsistent, or incomplete.
– The preparer must also contemporaneously
document in the files any inquiries made and the
response to those inquiries.
20. Due Diligence Requirements(cont.)
• Retention of records for three years from
the latest of:
– Due date of the return
– Date of filing if the return was e-filed
– Date the return was presented to the taxpayer
for signature, if the return was not e-filed
– In the case of a non-signing return preparer,
the date that the non-signing preparer
submitted to the signing preparer the portion
of the return for which the non-signing
preparer was responsible
21. Knowledge Requirement
• Most failures to meet this requirement fall
into one of three categories:
– Claiming a child who is not a qualifying child
– Married taxpayers incorrectly filing as single or
head of household
– Schedule C errors
23. Scenarios
In the scenarios below, does the information
provided seem inaccurate, incomplete, or
inconsistent? If so, what additional inquiries
would you make?
24. Scenario #1
You are preparing a tax return for Ross, 20
years old, who claims to have two sons aged
9 and 10. What are some additional inquiries
you might make?
25. Scenario #2
You are preparing a tax return for a client,
Juno, who says she has an infant child, and
that she and her infant child both live with
her parents.
26. Scenario #3
You are preparing a return for Suzie Q who
has W-2 wages of $30,000. She also claims
that she had a side-business cutting hair
that lost ($15,000) for the year.
Gross Receipts : $100
Expenses:
Supplies : $10,000
Professional Fees: $3,000
Auto Expenses: $2,100
27. Scenario #4
You are preparing a return for a taxpayer
whose only income is money made cleaning
houses during the year. They claim they had
$15,000 of gross receipts and no expenses.
28. Scenario #5
A client tells you she is separated from her
spouse, her child lives with her, and she
wants to claim HOH filing status. Her income
for the year is $4,000.
30. After the Audit
• If you disagree with the assessments, you have the
right to appeal the case to the IRS Office of
Appeals.
• If the penalties are sustained by IRS appeals, you
cannot go to Tax Court. Some of your options are:
– Pay the penalties and be done with it
– Collection alternatives (Installment Agreement, OIC, CNC)
– Offer in Compromise (OIC) – Doubt as to Liability
– Penalty Abatement Request (Form 843)
– Pay the Penalties, then request a refund using Form 6118 or
Form 843; if the claim is denied or the IRS fails to respond within
6 months, then you have 2 years to file a suit for refund in either
US District Court or the Court of Federal Claims.
32. Other Enforcement Efforts (cont.)
• Criminal Prosecution
– 26 U.S.C. § 7206(2) – Any person who willfully aids
or assists in, or procures, counsels, or advises the
preparation or presentation under, or in
connection with any matter arising under, the
internal revenue laws, of a return, affidavit, claim,
or other document, which is fraudulent or is false
as to any material matter, whether or not such
falsity or fraud is with the knowledge or consent
of the person authorized or required to present
such return, affidavit, claim, or document shall be
guilty of a felony and, upon conviction thereof,
shall be fined nor more than $100,000 and/or
imprisoned not more than 3 years….
33. What Can You Do Going
Forward?
• Ask questions
• Document questions and answers in the
file
• Annual Filing Season Program (AFSP)
• Enrolled agent
34. Abusive Tax Avoidance Transaction
(ATAT) Program
• Sidney Goldin, CPA
• Fraudulent and Abusive Transactions
• Examples
35.
36. CONTACT US
Naveid Jahansouz, Esq.
(214) 635-2524
Njahansouz@GPPcpa.com
Robin Forsythe, Esq.
(214) 635-2537
RForsythe@GPPcpa.com