Financial Statements
Purpose of Financial Statement
What is to determine taxpayer's liability to pay?
Definition of AAB.
What is aggregate assessed balance?
ACS employees have the option to use *blank* or *blank* to perform required and additional authentication.
What is AMS or Disclosure tool?
Command code used for viewing IA info.
What is IADIS?
Actions needed for release of levy.
What is IA or CNC, 668-D sent to employer?
The equation for determining if the expenses are within 150%.
What is standard multiplied by 150% or 1.5?
TP calls in to set up IA, TP has open TDI's for TY 2021/2022, will they meet Express Filing Compliance Check? Why or Why not?
What is no? TP's with open TDI's do not meet Express.
What is TP's SSN & Name. POA's CAF#, Name, SSN, DOB, Form & Tax Periods in question?
Command code used to skip a DDIA payment.
What is EFTOF?
Designated Payment Code 18 and 19
What is FPLP payment from primary and secondary
Three reasons credit card expenses can be accepted on a financial statement
Medical/Necessary living expenses, Taxes, Production of Income
Taxpayer with an AAB of $46,453 calls in to set up an IA. This taxpayer will need to be set up on a DDIA to avoid lien filing. True or False?
What is False?
TIA (Form 8821) calls in to set up an IA for taxpayer, can this be done?
What is No?
Command code used to view POA info.
What is CFINK?
Actions needed for release of FPLP levy.
What is IA or CNC?
FPLP is released systemically. Be sure to check the cutoff dates.
For CNC hardship, 668-D would be sent to FPLP Coordinator.
Financial Statement shows a taxpayer can pay more than what is being requested, TP disagrees. What are the next steps?
What is case should be sent to Independent Review?
Inputting an 180-day extension on a Status 22 account. How should this be input?
What is ACSweb?
Information needed to complete high-risk disclosure.
What is three verifiable items from two sources?
Command code that shows FTD penalty computation.
What is FTDPN?
NFTL Filing Criteria dollar amount.
What is AAB over $50k for IA, PPIA & AAB over $10k for CNC?
What is the six-year rule?
Six-year rule applies to NSIA's that can't full pay immediately but can pay within 6 years and within CSED.
When is it appropriate to offer/input a tiered amount for a NSIA?
What is never?
Staggered amounts are not appropriate for NSIA's.
*Blank* identifies an invalid SSN.
What is asterisk * ?
Command code used to verify income information.
What is IRPTL?
What are the requirements for a Lien release?
For an IA, AAB must be under $25k, on DDIA w three consecutive payments.
For CNC/PPIA, balance has to be fully paid.