Record Retention, Privacy, and the Freedom of Information Act
Some taxpayers keep their tax records until the paper turns yellow. Others are afraid of violating some obscure federal tax requirement. Many taxpayers worry that the IRS could somehow publicly disclose the deep, dark secrets that they declared on their tax returns.
The IRS can drive a taxpayer crazy by asking for copious amounts of information. The gathering of such information can take hours of time and cause much stress. Many taxpayers wonder why the IRS can ask for all kinds of information about them, although the IRS will not provide them with the information that it has and is using to make a tax determination about them. While the IRS states its rights within the law, not many people know that in 2013 the IRS published a Taxpayer Bill of Rights that defines the rights of taxpayers within the law.
This course is taught by a true tax expert. Stu Sobel retired from the IRS after working for 30 years in examination functions and high-level management. Since his retirement, he has spent the last 18 years in private practice, written four books on taxation, and taught thousands of tax professionals.
This course will demystify the IRS. It will serve as a valuable tool that will save taxpayers time, money, and stress.
The course covers the following topics:
- How long to retain tax returns and supporting information
- How the taxpayer can secure information relating to his tax accounts from the Internal Revenue Service
- Procedure to request information from the IRS under the Freedom of Information Act
- How to require the IRS to request information from a taxpayer via an administrative summons
- Understand what the IRS is permitted to disclose to a third party
- In depth analysis of the Taxpayer Bill of Rights
- What constitutes evidence in a tax situation, i.e., oral testimony, circumstantial evidence, corroborating testimony
- Understand the time frames for keeping documentation
- Improve understanding of the rights of a taxpayer involved in an IRS tax controversy action
- Learn how to submit a freedom of information request
NASBA & IRS field of study: Taxes
CPE Credit: 1 hour
Advance preparation: None