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Section 1244 Stock: Definition & Benefits
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Doubt as to Collectibility (DATC)
This applies when the taxpayer agrees they owe the tax, but can’t afford to pay it in full — now or in the foreseeable...
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IRS Publications
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Revenue Rulings are initiated by the IRS
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Form 8379, Injured Spouse Allocation is used by a spouse to reclaim their portion of a joint tax refund when the IRS applies the refund to a past-due debt owed solely by the other spouse. These debts can i...
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Form 4852 – Substitute for W-2 or 1099-R
Scenario: David worked at a company that shut down suddenly, and his employer didn’t provide his W-2 for the year. He needs to f...
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1. Who is a Tax Return Preparer?
A person who prepares for compensation (or employs someone who does) a ...
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Shifting the Burden of Proof in Tax Court
Th...
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Examination of Returns & Appeals Process
4.1 Examination ...
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Both forms are used to appeal IRS collection actions, but they serve different purposes and apply to different stages of the collection process....
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IRS Collection Process
1. Collections (5.1)
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Acquiescence, Nonacquiescence, Memorandum Decisions & Precedential Value
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Unit 6 – Tax Authority
Key Poi...
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Internal Revenue Manual (IRM) - Key Points
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Key Players & Their Roles
1. Proc...
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This example illustrates how the 25% Gross Income (GI) threshold is calculated for the 6-year statute of limitations (S/L) under tax law. The IRS extends the statute of limitations from 3 years to ...
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EFIN (Electronic Filing Identification Number)
Who Needs an...
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1. Sanction Levels for EROs
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EFTPS Payment Scheduling Explained
1. What Does "Schedule" Mean i...
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EROs (Electronic Return Originators) vs. tax preparers, as the IRS treats them differently:
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1. General Rule: Contingent Fees Are Banned
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Form 8453: U.S. Individual Income Tax Transmittal for an IRS e-File Return
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Purpose:Form 8879 is a permission sl...
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Brain Map: IRS Identity Protection PIN (IP PIN)
1. What is an IP ...
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What is FOIA?
The Freedom of Information Act (FOIA) lets the public request access to ...
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1. Return Transcript
What it is:...
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Purpose
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7.1 Recordkeeping
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A loss on worthless securities occurs when a stock, bond, or other security becomes completely worthless ...