 * Courtesy: Stephen D. Yennaco /dba The Giant Game Company  thegiantgameco.com/

An IRS Installment Agreement (I/A) allows taxpayers to pay tax liabilities in monthly installments. It's governed by IRC §6159, which outlines terms and conditions.

039: IRS Installment Agreement consult (08/19/2014) - published 02/15/2025

NAEA Radio Ad - Filing Taxes:  Checklist for Your Tax Appointment 

It's never too early to begin gathering, sorting, and organizing your paperwork in anticipation of filing your income tax returns. This “Checklist” is provided to help you collect the information necessary to prepare your income tax returns.

 * [ ] W-2 forms from each employer.
 * [ ] Interest and dividend income 1099 forms (1099-INT and 1099-DIV).
 * [ ] 1099-R forms for pension and retirement income.
 * [ ] Most recent statement of your life insurance and long term care policies. 
 * [ ] 1099 from Social Security (if you are receiving benefits). 
 * [ ] 1099 from state unemployment fund (for benefits paid to you) (1099-G). 
 * [ ] 1099-MISC for compensation paid as an independent contractor, executor, trustee, for commissions or jury duty.
 * [ ] 1099-B for the sale of securities. 
 * [ ] 1099-S for the sale of real estate. 
 * [ ] 1099 for state tax refunds, gambling winnings, or lottery proceeds. 
 * [ ] Your personal records regarding rental income and expenses. 
 * [ ] Last year's tax returns (if you are a new client). 
 * [ ] Alimony paid or received, including social security number of recipient. 
 * [ ] Records of the purchase and sale of a personal residence, including the forms given at the time of closing.
 * [ ] Summary of medical and dental expenses paid. The amount of reimbursements from insurance is needed as well.
 * [ ] Real estate taxes paid. 
 * [ ] DMV registration fees.
 * [ ] Form 1098 for mortgage and home equity loan interest. 
 * [ ] Schedule of estimated taxes paid for federal and state.
 * [ ] Summary of charitable donations, including cash, checks and items given inkind.
   (When property donated exceeds $500, an itemized list is necessary.)
 * [ ] Job-related expenses for educational purposes, job hunting and out-of-pocket.
   expenses related to your employment (union dues, special work clothing, tools, supplies).
 * [ ] Logbook for business use of automobile. (mileage log)
 * [ ] Receipts for travel, lodging, and meals while on business.
 * [ ] Child-care expenses and provider information. The tax identification number for the provider is required as well as their phone number.
 * [ ] Information on IRA contributions made or to be made.
 * [ ] Information on educational expenses for tax credits.
 * [ ] New dependents will need a social security number. Be sure you have applied for the number.
 * [ ] Schedules K-1 from Partnerships, S-Corporations, Trusts and Estates for which you received a distribution.
 * [ ] Summary of moving expenses (if eligible---call the office for more information). 
 * [ ] Records regarding vehicles purchased or leased during the year for which you are claiming business expenses.
 * [ ] Summary of casualty loss (fire, theft, natural disaster).

Please copy & distribute freely

038: NAEA Radio Ad:  Filing Taxes - published on 02/15/2025 

 * Discussion w/ IRS on 06/17/2024  - Account Status indicates your tax standing. CDP (Collection Due Process) offers appeal rights on collections, while CSED (Collection Statute Expiration Date) limits collection time. If your CSED passes, the IRS can no longer legally collect your tax debt. However, the debt remains, and the IRS may still retain records. Can the IRS still pursue collection actions after the CSED passes? No, the IRS cannot pursue collection actions after the CSED passes. However, they may still send notices or reminders about the debt. 

The CSED affects:

 1. Individual Income Taxes: Taxes owed on personal income.
 2. Self-Employment Taxes: Taxes for self-employed individuals.
 3. Unreported Income Taxes: Taxes due from income not reported.

As the CSED date approaches, the IRS typically:

 * Sends notices reminding the taxpayer of the outstanding debt.
 * May review the account for potential collection actions if the debt remains unpaid.
 * Often encourages resolution through payment plans or settlements to avoid upcoming expiration.

When the CSED is near expiration, the IRS may seek a judgment in court to extend the collection period. This can include:

 * Filing a lawsuit: The IRS may file a suit to obtain a judgment, which can extend the CSED.
 * Obtaining a lien: A judgment lien can be placed on your property, affecting your credit.

This action is typically taken to secure the debt if they believe it can still be collected. However, it’s essential to respond promptly to any legal notices.

A federal tax lien is the government’s legal claim against your property when you neglect or fail to pay a tax debt. The lien protects the government’s interest in all your property, including real estate, personal property and financial assets. A federal tax lien exists after:

The IRS:

 * Puts your balance due on the books (assesses your liability);
 * Sends you a bill that explains how much you owe (Notice and Demand for Payment); and

You:

 * Neglect or refuse to fully pay the debt in time.

The IRS files a public document, the Notice of Federal Tax Lien, to alert creditors that the government has a legal right to your property.

037: IRS PPS - Liens for Taxes (§6321) Account Status, CDP, CSED (06/17/2024) - published on 02/15/2025

Discussion w/ IRS on 06/04/2015 - Topics encompass Substitute for Return (SFR) standards, IRS Policy Statement 5-133 regarding the six-year filing requirement, the "Beard Test", and the implications of SFR status for filing an Offer-in-Compromise (OIC).

036: IRS SFR standards, IRS Policy Stmt 5-133 (6-year filing requirement),  "Beard Test", & eligibility of SFRs for OIC (06/04/2015) - published on 06/14/2025 

 * Courtesy: Stephen D. Yennaco /dba The Giant Game Company  thegiantgameco.com/

For an IRS Offer-in-Compromise (OIC), typically required financial documents include:

 1. Form 433-A (for individuals) or Form 433-B (for businesses) detailing assets, income, expenses, and debts.
 2. Recent pay stubs or proof of income.
 3. Bank statements for all accounts.
 4. Asset documentation, such as property appraisals or vehicle valuations.
 5. Tax returns for the past three years.
 6. Monthly expense documentation to support living costs.

For monthly expenses in an IRS offer-in-compromise, provide detailed breakdowns of each category, including:

 1. Housing: Rent or mortgage payment, property taxes, utilities.
 2. Transportation: Car payments, insurance, fuel, public transit costs.
 3. Food: Groceries and dining expenses.
 4. Healthcare: Insurance premiums, out-of-pocket costs.
 5. Childcare: Tuition, daycare, or babysitting costs.
 6. Other debts: Credit card payments, personal loans.
 7. Miscellaneous: Entertainment, clothing, and other personal expenses.

Include average monthly amounts for each category to give a clear picture of your financial situation.

An Offer-in-Compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can't pay your full tax liability or doing so creates a financial hardship. The IRS will consider your unique set of facts and circumstances:

 * Ability to pay
 * Income
 * Expenses
 * Asset equity

The IRS should generally approve an Offer-in-Compromise (OIC) when the amount you offer represents the 'most" i.e. Reasonable Collection Potential (RCP), the IRS can expect to collect within a reasonable time. You should investigate other payment options before you submit an OIC. The OIC Program is not for everyone. Check the qualifications of any tax professional you hire to help you file an offer. https://irs.treasury.gov/oic_pre_qualifier/

035: Offer-in-Compromise (OIC) Preparation Interview (09/12/2014) - published 02/12/2025 

Discussion w/ Ms. S  in July 2012: Form 2106 Unreimbursed Employee Business Expenses, Home Office Deduction, and  the "Cohan Rule"

034: Phone Call with Ms. S. re; §274 & Form 2106 (July 2012) - published 02/10/2025

Leearning Objectives:

1. You will be able to define, identify and implement Internal Control best practices.

2. You will be able to understand the COSO Model and why it is the foundation of any Internal Control program. 

3. You will be able to understand roles and responsibilities for Internal Control. 

4. You will be able to discuss how Internal Controls can detect and prevent fraud. 

Agenda:

Section 1 - Internal Control Systems – What are they?

• Why have Internal Controls?

•Objectives

•Background 

•Components

Section 2 - Internal Control Concepts & Objectives

• Control Activities within an Internal Control System

• Preventive, Detective & Corrective Controls

• Cost-Benefit Analysis for Developing Controls

Section 3 – COSO Model

• COSO – 5 Integrated Components

• COSO – 17 Principles

Section 4 - Practical Perspective

• Implications to your current processes

• Identifying Key Controls

• Summary of Key Point

033: Understanding Complex Internal Control Issues - published 04/27/2018

SOX 404 Update - Agenda

 1.  Intro to Sarbanes Oxley Section 404 (SOX 404) 
 2.  Internal Control Framework
 3.  COSO 17 Principles • SEC Requirements
 4.  Assertions Occurrence, Accuracy, Completeness, Cut-off, Classification
 5.  Accounting Risk Assessment
 6.  Risk Assessment • Scoring Models
 7.  SOX Documentation Requirements
 8.  Process Flows • Identifying Control Types
 9.  Assessing Design Effectiveness
 10. Testing Requirements
 11. Materiality Discussion
 12. Governance of Social Media
 13. Summary & Conclusion

Sarbanes Oxley Act

Extremely comprehensive piece of Legislation that contains 11 sections

 1.  Public Company Accounting Oversight Board (PCAOB) (Peek-a-boo)
 2.  External auditor Independence
 3.  Corporate responsibility
 4.  Enhanced financial disclosures
 5.  Analyze conflict of interest
 6.  Commission resources and authority
 7.  Studies and reports
 8.  Corporate and criminal fraud authority
 9.  White collar crime penalty enhancements
 10. Corporate tax returns
 11. Corporate fraud and accountability

SOX 404 Internal Controls - Requirements

 * 404      Considered the most costly section of SOX
 * 404(a) Companies annually test the effectiveness of Internal       Controls over Financial Reporting (ICFR) (Ick' if er)
 * 404(a)  What companies have to do internally.
 * 404(b)  External Auditors annually audit internal controls.
 * 404(b)  Has to do with "accelerated filers".

032: Sarbanes Oxley 404 (SOX 404) Update: Including Social Media Requirements - published 12/27/2018

The Earned Income Tax Credit (EITC) is a refundable tax credit that has a significant impact on the US Treasury’s revenue. EITC is a source of a disproportionately large number of errors in tax returns, claiming the EITC.

In this practical webinar, you will learn….

New regulations affecting any practitioner who prepares a tax return that claims the EITC, best practices and interviewing tips to achieve compliance. Understand EITC due diligence requirements, EITC most common errors, the use of due diligence to avoid them, and consequences for non-compliant tax preparers, employers of preparers, and your clients. Includes case studies and examples.

Upon course completion, you will be able to:

(actionable learning objectives)

· Identify the EITC eligibility rules that apply to all taxpayers, including taxpayers who have a qualifying child and taxpayers without a qualifying child

· List the most common EITC errors and their potential problem areas

· Identify the additional questions tax preparers need to ask if taxpayer-provided information appears incorrect, inconsistent, or incomplete

· List the due diligence requirements a tax return preparer must meet when preparing a tax return claiming the EITC

· Identify the records a tax return preparer is required to keep to support a client's claim for the EITC

· Identify the penalties that may be imposed on a tax return preparer for failing to comply with due diligence requirements when preparing a client's tax return claiming the EITC

· Cite the sanctions that may be imposed on an employer whose employee fails to comply with EITC due diligence requirements

• Identify the additional requirements imposed on taxpayers claiming the EITC following disallowance and the exceptions to those requirements

031: EITC Due Diligence Requirements - published 10/30/2019

The Earned Income Tax Credit (EITC) is a refundable tax credit that has a significant impact on the US Treasury’s revenue. EITC is a source of a disproportionately large number of errors in tax returns. In this practical webinar, you will learn about the new regulations affecting tax returns that claim the EITC. You will learn various best practices and interviewing tips to achieve compliance.

Among other things, you will learn about:

 * EITC due diligence requirements
 * EITC most common errors
 * Using due diligence to avoid errors
 * Consequences for non-compliant tax preparers, employers of preparers, and clients

Upon course completion, you will be able to:

 * Identify the EITC eligibility rules that apply to all taxpayers, including taxpayers who have a qualifying child and taxpayers without a qualifying child
 * List the most common EITC errors and their potential problem areas
 * Determine the additional questions tax preparers need to ask if taxpayer-provided information appears incorrect, inconsistent, or incomplete
 * Outline the due diligence requirements a tax return preparer must meet when preparing a tax return claiming the EITC
 * Identify the records a tax return preparer is required to keep to support a client’s claim for the EITC
 * Recall the penalties that may be imposed on a tax return preparer for failing to comply with due diligence requirements when preparing a client’s tax return claiming the EITC
 * Cite the sanctions that may be imposed on an employer whose employee fails to comply with EITC due diligence requirements
 * Determine the additional requirements imposed on taxpayers claiming the EITC following disallowance and the exceptions to those requirements

030: Earned Income Tax Credit (EITC) Due Diligence Requirements - published 06/25/2018

Tax trivia with Stephen B. Jordan

Acknowledgments: Stephen B. Jordan claims no credit for any images, audio, or videos used in this presentation unless otherwise noted. Images, audio, or videos in this presentation are attributed to public domain collections or their respectful owner. If there is an image, audio, or video appearing in this presentation that belongs to you or makes reference to you, and you do not wish for it to appear in this presentation, please E-mail us (stephenbjordan50@gmail.com) with a link to the said image, audio, or video and it will be promptly removed. Thank you for allowing us to make this presentation.

Nuts with Taxes 

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Nuts with Taxes 

Tax trivia with Stephen B. Jordan

Stephen B. Jordan

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