2024 April Solutions Room: Understanding IRS Tax Extensions - A Comprehensive Guide For Tax Professionals

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Description

2024 April Solutions Room: Understanding IRS Tax Extensions - A Comprehensive Guide For Tax Professionals
IRS Program #: X9QQU-T-01129-24-O
CTEC #: 6257-CE-0290
CE: 1 IRS & 1 CTEC credit
Speaker: John A. Mitchell

This one-hour continuing education course is designed to provide tax professionals with a thorough understanding of IRS tax extensions, including their purpose, procedures for requesting extensions, implications for taxpayers, and best practices for assisting clients in navigating extension requests. Participants will gain practical knowledge to effectively guide clients through the extension process and ensure compliance with IRS regulations.

Learning Objectives:

Define IRS tax extensions and explain their significance in the tax filing process.
Identify the various forms used to request tax extensions for individuals and businesses, including Form 4868 and applicable extension forms.
Describe the duration of tax extensions and the impact on filing deadlines for taxpayers.
Explain the importance of estimating and paying taxes owed by the original filing deadline, despite obtaining an extension.
Outline the steps involved in preparing clients for tax extensions, including gathering necessary documents and estimating tax liabilities.
And more!

Contributors

John A. Mitchell

John is an Enrolled Agent and foreign-licensed Attorney with over 30 years’ experience in taxation, having started by preparing 1989 tax returns “by hand” in the 1990 filing season. John currently works on tax planning and consulting, tax compliance, and tax controversy with state tax authorities as well as the Internal Revenue Service (IRS) in the examination, collections, and appeals functions and IRS District Counsel. John speaks Spanish at a “Native Speaker” level of proficiency.

Education
- Associate in General Studies (AGS), Brazosport College, 1997
- Bachelor of Laws, (LL.B.), UNE University, 2015
- Graduate Certificate in Tax, CI Institute – Guadalajara, 2016
- Master of Science in Taxation (MST), Taft University, 2020
Professional Licenses
- Attorney at Law, State of Jalisco, Mexico, 2015 (License Number 269763)
- Enrolled Agent, US Treasury Department, 2014 (License Number 119730)
Professional Designations
- IRS Certifying Acceptance Agent (CAA), 2017
- National Tax Practice Institute (NTPI) Fellow®, 2020
Memberships
- National Association of Tax Professionals (NATP), Since 2018
- National Association of Enrolled Agents (NAEA), Since 2018
- American Institute of Certified Public Accountants – CPA Exam Candidate (AICPA), Since 2019
- American Academy of Attorney-CPAs (AAA-CPA) – Associate Member, Since 2017
Author
- Considerations of a Tax Professional Providing Services to Cannabis-Related Businesses: Ethical, Legal and Related Risks
Technical Presentations
- Practitioner Ethics – Tax Return Preparation Standards
- Overview of the Tax Cuts and Jobs Act on US Multinationals
- Cryptocurrency Opportunities, Part I & Part II
- What’s in a Signature?
- Signing of Tax Returns by an Agent
Notable Matters
- Successfully defended a client’s examination of Hurricane Harvey loss carryback resulting in a determination by the IRS to allow all deductions in full resulting in a $136,000 refund.
- Successfully defended a tax return preparer in a return preparer due diligence examination involving approximately 2000 electronically-filed tax returns with $0 penalties assessed.
- Successfully negotiated an Offer in Compromise settling a client’s $180,000 Form 1040 liability for $1400.
- Successfully negotiated a Partial Pay Installment Agreement on a $510,000 payroll tax debt saving almost $200,000.
- Successfully settled a client’s business and personal tax liabilities totaling $410,000 for $64,000.
- A multi-million-dollar Houston construction company faced an IRS examination in which the Service sought to reclassify some 30 independent contractors as W2 employees for a 3-year period which could have resulted in nearly $1 Million in additional taxes, interest and penalties while setting a precedent for future treatment that would likely have put the entire business in jeopardy. We conceded the reclassification of one worker to W2 status.
- A non-profit organization had unknowingly had their 501(c)(3) status revoked nearly a decade ago and had unknowingly operated without status for all of the intervening years. They faced potential seven-figure assessments. Pursuant to a “reasonable cause” argument we were able to have the non-profit status reinstated retroactively to the date of revocation.
- A home health agency with nearly 800 employees was facing over $1 Million in penalties related to deficient reporting related to ACA information returns. It was made clear to us that monetary penalties of this magnitude would have likely caused the business to shut down costing an economically-depressed area hundreds of job losses and leaving sick and elderly, vulnerable patients without home health care services. We were able to use a combination of reasonable cause and effective tax administration arguments to have the IRS abate the penalties.
Community Involvement
- Katy Independent School District, “Keys” Mentor, 2016-2018
- Katy Independent School District, Community Bond Advisory Committee, 2018
Personal
John is a husband, father of two, stepfather of two and grandfather of two. In his downtime, he enjoys music, books, movies and spending time with family.