Part 3 Flashcards
Continuing Education
72 hours every 3 years
2 hours of ethics per year
At least 16 hours per year
Two types of consent to extend the statute of limitations
Fixed Date
Open-ended
Recommended to use a constricted consent to limit the open items.
Time to respond to a notice of proposed deficiency
90 days
150 days if addressed outside of the country
Time to allow the IRS to respond before filing a claim with the U.S. district court or US court of federal claims
6 months should be given to the IRS
2 years to file a claim after the original letter of denial
The IRS can pursue collection for ___ years from the initial date of assessment
10 years
This IRS must release a lien within ___ days after the tax liability is satisfied or bond is accepted
30 Days
Taxpayer Bill of Rights
ISPCAFPCRF
Informed Service Pay no more than required Challenge Appeal Finality Privacy Confidentiality Representation Fair and Just
Exceptions to 30 day period for levy appeal
Jeopardy
Levy state refund
Disqualified employment tax levy
Federal contractor levy
Understatement due to unreasonable positions penalty
Greater of $1,000 or 50% of the income derived
Willful or reckless conduct penalty
Greater of $5,000 or 50% of the income derived
Failure to furnish a copy to a taxpayer Failure to sign tax return Failure to furnish ID number Failure to retain a copy or list Failure to file correct informational returns
$50 per occurrence up to $25,000
Penalty for endorsing check
$500 per occurrence
Penalty for failure to be diligent with EIC credit
$500 per occurrence
Penalty for promoting abusive tax shelters
$1,000 per occurrence
Penalty for aiding and abetting underpayment of tax
$1,000 per occurrence or $10,000 if a corporation
