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Advanced Preparation of Collection Information Statement (CIS) 433-B Forms

Earn Two Federal CE with Jessie Seaman, Esq., EA
March 19, 2020, from 2:00 pm – 3:50 pm EST

Live Online IRS Program Number: X9QQU-T-00641-20-O
Self-Study IRS Program Number: X9QQU-T-00641-20-S

This webinar will provide instructions for tax professionals representing business taxpayers. This program will outline the necessary compliance for each entity type: Sole Proprietor, Corporations (sub-chapter C and S), Partnerships, and state regulated limited liability companies (single-member and multi-member). Participants will know which resolutions are available to BMF cases and which IRS office holds jurisdiction. This course will cover preparation of a 433-B and 433-A (pages 5-6) for active and dissolved entities. Specific ordinary and necessary business expenses will be defined for proper classification on financial statements, i.e. depreciation, loans, owner compensation, loans to shareholders, etc. Advocate for no TFRP or no enforcement of TFRP on IMF accounts. Participants will learn how to portray a business client’s income, assets, and liabilities to ensure a formal resolution to pay back taxes is feasible for ongoing operations and profitability.

Learning Objectives
Upon completion of the course, you will be able to:

  • Learn the working knowledge of compliance requirements for each entity type.
  • Learn resolutions available for BMF taxpayers (ACS vs. RO).
  • Understand the use business records to prepare a comprehensive CIS 433-B or 433-A.
  • Differentiate between business expenses the IRS allows and arguments in favor of client expenses.