There is a range of tax issues that arise on a regular basis in most tax practices, yet they are rarely discussed. This course aims to assist tax preparers in guiding their clients successfully through these situations. First, each year you find that at least one or two of your clients file for bankruptcy. The Internal Revenue Code provides very specific rules for such taxpayers. There are multiple issues for the practitioner to consider. After this class you will be able to identify those issues and properly prepare a return for the bankrupt client. Second, most states now have legalized gambling and almost every practitioner has clients who have had gambling winnings and losses. This class will cover recordkeeping requirements and the proper reporting of wins and losses. Many clients owe taxes to the IRS. During this class you learn the options available for clients with tax liabilities. We will cover IRS enforcement options and the remedies available to taxpayers including installment agreements, compromises, and suspension of collections for disadvantaged people.
Upon successful completion of this course, participants will be able to:
- Discuss a range of rarely discussed tax issues that arise on a regular basis in most tax practices
- Recognize tax issues arising when a taxpayer files bankruptcy
- Determine the method by which a return should be prepared for a bankrupt client
- Identify tax issues for clients who gamble
- Protect your clients from IRS collection actions
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