ONE-DAY SEMINAR OUTLINE
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1 ONE-DAY SEMINAR OUTLINE A. The Discharge of Indebtedness 8:30 am 9:20 am 1. IRC 61, 108, 1017; and Regulations thereunder. 2. Exclusions. 3. Exceptions. 4. Mortgage Debt Relief Act of Definition and Examples. 6. Bifurcation of Transaction. 7. Form 1099-C and Form Reduction of Tax Attributes. B. Federal Tax Liens and Levies. 1. What is FTL? 2. Liens vs. Levies. 3. Property Subject to Liens. 4. Priority. 5. Recording. 6. Self-Releasing. 7. Actual Knowledge. 8. Extinguishing FTLs. 9. Execution of Levy. 10. Exemptions. 11. Continuous Levies. 9:20 am 10:10 am
2 Page 2 of Foreclosing Liens. 13. Effect of OICs and IAs. 14. Appeals. BREAK: 10:10 am 10:20 am 10:20 am 11:10 am C. Discharging Taxes in Bankruptcy 1. Chapter Chapter Secured Tax Debts. 4. Unsecured Tax Debts. 5. Priority Tax Debts. 6. No Discharge Tax Debts (unfiled; fraud; McCoy & Mallo). 7. Dischargeable Tax Debts. 8. Tolling. 9. Substitutes for Return. 10. Summary: (a) return filed, (b) filed more than two years ago, (c) due more than three years ago (including extensions), (d) assessments made more than 240 days ago, (e) no fraud/evasion. BE AWARE OPEN AUDIT STATUTE OF LIMITATIONS! 11. Discussion of
3 Page 3 of 7 D. Trust Fund Recovery Penalty 11:10 am 12:00 pm 1. TFRP What is it? IRC 6672, and Federal Tax Reg a. Definition of Trust Fund Taxes. b. Section c. Sole proprietors, partnerships, single-member LLCs. d. Calculating the TFRP. 2. Who Are Responsible Persons? a. Responsibility. b. Willfulness. 3. Procedural Matters. a. Statute of Limitations. Forms and Procedures. b. Investigations. c. Protesting Proposed Assessments. d. Litigation. 4. Planning Options, Malpractice Avoidance. a. Designated Payments. b. Businesses in-business. LUNCH: 12:00 pm 1:10 pm
4 Page 4 of 7 1:10 pm 2:00 pm E. Dealing with IRS Collection Division (Part I) 1. General Background Information. a. Statute of Limitations (audit and collections); tolling. b. Designated Payments. c. Estimated Tax Payments. 2. Installment Agreements. a. The CP letters. b. The Financial Disclosure Statements forms (433-A, B, F). c. Compliance Requirement. 3. Requesting Installment Agreements. a. Form b. Guaranteed (under $10k). c. Streamlined (under $25k). d. Streamlined (under $50k). e. Partial Pay (use financial standards). f. Direct Debit. g. In-Business Trust Fund Cases. 4. Effect of Installment Agreement. a. Restrictions on Levy. b. Pending, Rejected, and Terminated IAs (and their Appeal). c. Taxpayer's Obligations. d. Refunds Kept.
5 Page 5 of 7 2:00 pm 2:50 pm F. Dealing with IRS Collection Division (Part II) 1. CDP Hearings a. Form 12153, 30 day deadline to be timely. b. Equivalency Hearing if late but within one (1) year. c. Appeals Settlement Officers review for satisfaction of legal compliance. d. What May be Discussed. e. Right to Petition Tax Court depends on timeliness. f. Effect on Statute of Limitations and tolling for bankruptcy. 2. Multi-Year non-filers. a. Statute of Limitations on refunds. b. Request W&I and Account Transcripts. (Any SFRs?) c. Full pay (accurate returns), or Never Pay (use estimates)? d. Avoid joint return filings unless full pay. e. Audit Reconsideration for SFR years. f. Start monthly estimated tax or withholding in future. g. Enter into Installment Agreement (after providing for future taxes). h. Wait 8 months before OIC (to avoid tolling for future bankruptcy). 3. Undoing Joint Liability. a. Section 6013(d)(3): Joint and Several Liabilities. b. Section 6015(b): Innocent Spouse. c. Section 6015(c), (d): Taxpayers No Longer Married or Living Apart.
6 Page 6 of 7 d. Section 6015(f): Equitable Relief. e. Form 8379: Injured Spouse Allocation. 4. Taxpayer Advocate s Office BREAK: 2:50 pm 3:10 pm G. Offer in Compromise 3:10 pm 4:00 pm 1. Legal Authority (IRC 7122 and Regulations ). 2. Types of Offers. a. Doubt as to Liability. b. Doubt as to Collectibility. c. Effective Administration. 3. Forms and Procedures. Collection Information Statements. 4. Determining Amount to Be Offered. 5. Other Requirements. 6. Appealing Denied OICs. 7. Miscellaneous Issues. 4:00 pm 5:40 pm H. Hypotheticals (or Larry s Game Plans ) AND Overall Q&A 1. Large Payroll Taxes Owed by Corporation. a. Determine amount of TFRP. b. If no IRS involvement, gather assets to make designated payments
7 Page 7 of 7 c. Start sole prop (new EIN, new bank accounts, new location, new w-4s, new name, new phones/fax, new web site, new new new. d. Get low end appraisal of company assets (include intangibles). e. Personally purchase necessary assets with cash or note. f. Corp s employees continue to be paid by corporation as it collects its receivables but are working for sole prop. g. Over time, corp s A/R is collected and sole prop s A/Rs build. h. Continue with designated payments, stay compliance, pay TFRP. 2. Other Scenarios (TBD).
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