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Five Key Methods of Analyzing Financial Statements 

June 19, 2020 1:00 PM EST | 02:40 PM EST

Training Duration = 90 min              Sponsored by Lorman

Click Here to register $199.00

Click Here to register and receive downloadable recording $268.00

Learn about current IRS enforcement issues and how good representation is important for solving tax issues.

Many tax practitioners are getting more involved in handling and solving client tax problems. Although there are many good resources and options available for compliance and planning, the experience and education of working with IRS problems may be more difficult to locate. The expertise often is found in former agents and attorneys who have worked for the agency. Having an understanding of IRS process and procedures makes most tax problems easier to solve. This topic will provide you with a review of current IRS enforcement issues and topics for individuals and businesses, and why having good representation is important to solve tax issues. Each practitioner should consider how the increase in IRS representation can benefit their practice, including IRS priority issues, examination and collection matters, and essential needs of your clients.

Learning Objectives

  • You will be able to identify IRS problems through regular practice and procedure issues with clients.
  • You will be able to describe alternatives to solving problems and practice opportunities to provide them.
  • You will be able to review examination and collection steps which require IRS representation.
  • You will be able to recognize IRS priorities which increase exposure to IRS enforcement for key situations.

Agenda

Summary of IRS Enforcement
  • Exam Statistics and Priorities
  • Exam Targets and Hot Spots
  • Account Notices and Processes
  • Collection Responses and Alternatives
  • Collection Agents vs. Automated Steps
Identifying Tax Problems and Representation Issues
  • Tax Notices and Account Changes
  • Tax Transcripts and Changes
  • Tax Resources - Practitioner Priority Hotline and TAO
  • Tax Exams - Process and Procedures
  • Tax Collection - Process and Procedures
  • Problems Outside Scope of Representation
Identifying Tax Solutions and Effective Problem Solving
  • Tax Compliance and Provides Sufficient Data
  • Tax Return Has Estimates or Omissions
  • Tax Return Should Be Amended
  • Tax Timeline for Problem Resolution
  • Tax Practice Opportunities
Case Studies and Special Tax Situations
  • Non-Filer Taxpayers and Multiple Tax Years
  • Foreign Accounts and Unreported Income
  • IRS Assessments Without Tax Returns
  • Installment Plans and Offers in Compromise
  • Statue of Limitations Issues

Instructor Profile:

Thomas M. Kosinski, C.P.A., M.S.T.

Ostrow Reisin Berk & Abrams, Ltd.

  • Director of the Tax Practice of Ostrow Reisin Berk & Abrams, Ltd. (ORBA)
  • Frequent speaker with the Illinois CPA Society covering federal tax updates, IRS representation, individual and corporate tax compliance, and income tax strategies for real estate transactions
  • Offers more than 25 years of experience providing tax planning and technical advice for individuals and the owners of closely held companies
  • Provides specialized tax planning services to his clients, which include high net worth individuals and business entrepreneurs
  • Advises on federal and state tax planning and tax compliance issues for real estate clients and businesses
  • Member of the American Institute of Certified Public Accountants (AICPA) and Illinois CPA Society and former president of Chicago South Chapter
  • M.S. degree in taxation and B.S. degree in accounting, summa cum laude, DePaul University
  • Can be contacted at 312-670-7444 or tkosinski@orba.com