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  • videocam On-Demand
  • signal_cellular_alt Intermediate
  • card_travel Tax Preparer
  • schedule 110 minutes

Tax Statutes of Limitations: Advising Taxpayers on the Assessment, Collection, and Refund Statutes

$197.00

This course is $0 with these passes:

CPE
ALL
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About the Course

Introduction

This webinar will review the three basis statutes of limitations for taxes: the IRS assessment statute expiration date (AESD), the refund statute expiration date (RSED), and the collection statute expiration date (CSED). Our federal income tax expert will explain the critical nature of each date and offer practical advice on handling approaching expiration dates and advising taxpayers.

Description

Understanding the tax statutes of limitations is critical for tax professionals. The assessment statute limits the timeframe the IRS can assess taxes due. This generally occurs three years after the due date of the original return, including extensions, or three years from the received date of a return, whichever is later. Once the CESD passes, the IRS cannot collect any remaining tax balances. The RSED is the last date a taxpayer can collect a refund due from the IRS.

Certain acts and a taxpayer's consent can lengthen these statutes. In other cases, a statute of limitations can run indefinitely. Tax professionals need to thoroughly understand when each statute expires, the circumstances that cause the extension of a statute, and how to properly advise taxpayers about the tolling of these statutes.

Listen as our seasoned federal tax professional explains the nuances of one of the most critical tax statute deadlines for CPAs, EAs, and other tax professionals working with taxpayers and the IRS.

Presented By

Larry Pon
CPA/PFS, CFP, EA, USTCP, AEP
Pon & Associates, CPA

Mr. Pon has been in practice since 1986 providing comprehensive accounting, tax, payroll, and business advisory services. He specializes in tax preparation, tax representation, tax planning, business planning, financial planning, and estate planning. Services include IRS and state audit representation, business startup services, and charitable planning. Mr. Pon is a frequent author and lecturer to financial and legal professionals and the public on tax and financial planning topics.

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Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

Date + Time

  • event

    Monday, November 27, 2023

  • schedule

    1:00 p.m. ET./10:00 a.m. PT

  1. Introduction: tax statutes of limitations
  2. Current applicable statutes of limitations
  3. RSED – Refund statute expiration date
  4. ASED – Assessment statute expiration date
  5. CSED – Collection statute expiration statute date
  6. Actions extending the ASED and CSED
  7. Cases when the statute of limitations can run forever
  8. Examples

The panelist will cover these and other critical issues:

  • Should a taxpayer choose to voluntarily extend the collection statute during an IRS audit?
  • What specific acts extend the assessment statute?
  • What is the last date a taxpayer has to receive a refund of taxes paid?
  • What causes the assessment statute to run indefinitely?
  • How and when should practitioners advise taxpayers about expiring statutes?

Learning Objectives

After completing this course, you will be able to:

  • Identify specific circumstances that extend the ASED
  • Determine how long the IRS has to collect past due taxes
  • Decide which actions extend the ASED and CSED
  • Ascertain when and whether taxpayers should voluntarily extend the collection statute
  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of individual income taxation, including itemized deductions, individual income tax credits, net operating loss limitations including carrybacks and carryforwards.

BARBRI, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

BARBRI CE webinars-powered by Barbri-are backed by our 100% unconditional money-back guarantee: If you are not satisfied with any of our products, simply let us know and get a full refund. Contact us at 1-800-926-7926 .