High Risk Disclosure
True or False?
Telephone numbers are required as part of basic disclosure.
What is False?
OPA allows a taxpayer to.
Establish a Simple Payment Plan for debts of $50,000 and less
Establish a Short Term payment plan on balances less than $100,000
Set up the IA as a DDIA
Entity that can follow IMF disclosure procedures.
What is a Sole Prop?
Forms filed for Estates/Trusts.
What is Form 1041 or Form 706?
What would prompt the CR to go into High Risk Authentication?
What is TP providing incorrect address or DOB?
How to determine if a taxpayer meet criteria for OPA?
What is compliance suite?
Information needed to authorize a partnership account.
EIN
Name of Business
Address of business
SSN of caller/ verify K1 on IRPTR
CC to verify a Reporting Agent.
What is RFINK?
True or False?
668D can be sent to the taxpayer.
What is yes, if requested.
High Risk Authentication must be completed when a taxpayer cannot provide the correct SSN or name.
What is False?
Instructions for referring TP to OPA.
Advise TP to go to irs.gov/paymentplans
OPA must be input within 48 hours.
Ensure primary SSN is used.
Banking info needed for DDIA.
Information needed to authorize a corporation.
EIN
Name of business.
Address of business.
Name and Title/Position
Can the caller legally bind?
Form needed if Reporting Agent information not on CC RFINK.
What is Form 8655?
True or False?
A full release must be done for a bank levy.
What is False?
Consider releasing enough money to pay monthly expenses but retain the excess to pay taxes owed.
A financial statement will be needed to determine expenses.
What two IDRS Command Codes could be used in verifying the required two additional items from the taxpayer’s account?
What is CC RTVUE and IRPTR?
TC needing to be input if referring a taxpayer to OPA but a monthly payment is discussed?
What is 971/043?
A shareholder calls in on an S-Corp, document needed to receive tax information.
What is K1?
Required disclosure prompts for a Reporting Agent.
What is EIN, Name of Business, RA's entity name, RA's EIN?
Where on ACSweb will you find if a source was levied
What is Levy and Release screen on ACSweb?
Date will be located under levied column.
How many questions are needed to pass high risk disclosure? How many sources?
What is 3 and 2 sources?
True or False?
We should assist TP's with setting up OPA?
Definition of legally bind.
What is the authority to bind means the ability to execute agreements that are binding and legally enforceable against the corporation under state law?
Entities that both require verification of a K1.
What is Partnerships and S-Corp, when the caller is a shareholder?