REPRESENTATION - PARKINGLOT LIST Flashcards
What to do with a hand-written W-2
The ERO is required to enter the non-standard form code for a handwritten W-2.
When can an electronic funds withdrawal be scheduled to pay taxes owed?
An electronic funds withdrawal can be scheduled to occur any time after the return is e-filed and BEFORE the April 15 return due date.
If a Preparer doesn’t agree with a proposed penalty they can:
- Request a conference with the agent to present additional info.
- Wait for the penalty to be assessed and a notice and demand statement to be issued, then pay the penalty within 30 days and file a claim for refund.
- Wait for the penalty to be assessed and a notice and demand statement to be issued, then pay at least 15% of the penalty within 30 days and file a claim for refund.
A TP must specify WHAT when authorizing a Preparer represent him before the IRS
- The type of tax matter
- Number of tax form
- Years or periods covered by the authorization
Period of Renewal for an enrollment cycle?
Nov 1 - Jan 31
Docs you should keep for a completed Return
Form 8879, Form 8453, and copies of all Forms W-2.
The Director of Practice, with docs showing an enrolled practitioner has violated the law or regulations governing practice before the IRS, may
- Reprimand such person
- Institute proceedings for disbarment
- Institute proceedings for suspension.
How many days are allotted to file a written protest letter by a TP when disagreeing with a PROPOSED INDIVIDUAL TAX ASSESSMENT?
30 days
The IRS may accept an Offer in Compromise (OIC) to settle unpaid tax accounts for less than the full amount of the balance due. This applies to all:
Taxes, including any interest, penalties, or additional amounts arising under the Internal Revenue Laws.
What is true with respect to an Offer in Compromise?
- The TP may be allowed to pay less than the full amount owed.
- Collection actions, such as levy, may be delayed.
- A rejected offer may be appealed.
The Federally Authorized Tax Practitioner Privilege under IRC section 7525 protect an Enrolled Practitioner’s advice:
ONLY against disclosure to the IRS, not other government agencies.
Which of the following may the IRS settle by accepting an OIC for less than the full amount of the balance due?
Either a doubt as to liability or collectability.
An individual who is denied enrollment by the Director of the office of Professional Responsibility has how much time to appeal?
30 days after receipt of the notice of denial.
What is the period of limitations.
The period of time during which a TP can amend a filed return to claim a credit or refund.
The period of time during which the IRS can assess additional tax.
Installment agreement rules
TPs may request a monthly installment plan if they are unable to pay the full amount owed. A valid request is one the IRS has approved.
However, if the taxpayer owes $10,000 or less and certain other criteria are met, the IRS must accept the request.
Installment agreements generally require equal monthly payments.
It must be paid within the remaining time of the 10-year period during which the IRS can collect tax.