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Resources for Accountants

How Long Does the IRS Have to Collect Money? [Video]

How Long Does the IRS Have to Collect Money?

The IRS can’t come after a taxpayer for unpaid taxes forever. Once a tax deficiency has been assessed, the IRS has ten years from the date of the assessment to collect the tax, penalties, and/or interest per Section 6502 of the tax code. This time period is called the Collection Statute Expiration Date (CSED) and it can be extended if the taxpayer agrees to an installment agreement or if the IRS successfully obtains a court order.

The CSED may also be suspended (paused) if the taxpayer:
-Files for bankruptcy
-Files a request for innocent spouse relief
-Submits an offer in compromise
-Requests a collection due process hearing
-Enters a combat zone
-Lives outside the U.S. continuously for a period of six months or more

What if the taxpayer doesn’t file a tax return? In that case, the IRS will file a tax return for the taxpayer (this is called a Substitute for Return) and assess the tax, at which point the CSED begins.

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Categories
Resources for Accountants

From Lawyer in Bolivia to Successful US Accountant: 3 Steps to Make It Happen [Video]

Ever wondered if you can switch careers and build a successful accounting career in the USA as an immigrant? 🌎 Meet Monica, a former lawyer from Bolivia who followed 3 key steps to transition into accounting in the U.S.! In this interview, we cover: ✅ The biggest challenges of switching careers as an immigrant ✅ The exact 3 steps that helped Monica become a successful accountant ✅ How YOU can start your journey—even with no U.S. experience! Join the EXACT course Monica enrolled in: https://controller-academy.com/courses/controller-academy Time Stamps: 00:00 Intro 00:47 Monica's Background 01:47 Monica's Job Responsibilities 02:56 Monica's Goal in 5 Years 04:47 Monica's Learned This From My Course 06:08 Monica's fav TV Show & Music 08:42 Monica's Journey To the US ----------------------------------- Hang Out with me on social media: 📸 https://www.instagram.com/the_financial_controller/ 📱https://www.tiktok.com/@thefinancialcontroller https://www.linkedin.com/in/bill-hanna-cpa-7653a851/ DISCLAIMER: Links included in this description might be affiliate links. If you happen to purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week! All views expressed on my channel are mine alone. Not intended as financial or professional advice

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Resources for Accountants

Inspiring Short Stories | Seeking Happiness | Motivational & Inspirational Video [Video]

Seeking Happiness. Inspiring short stories. Motivational & inspirational video. Best short inspirational videos. Inspirational quotes about life and love.The motivational stories and famous anecdotes presented in this video are excerpts from our book: Top 100 motivational stories: the best inspirational short stories and anecdotes of all time. Get the book here: https://www.bizmove.com/inspiration/m9b.htm

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Resources for Accountants

10 Building Blocks for New Business Success | Starting a Small Business [Video]

Starting a new business is both an exhilarating and challenging endeavor. The road to success is paved with more than just innovative ideas; it requires careful planning, strategic thinking, and diligent execution. In today's competitive landscape, entrepreneurs must equip themselves with the essential tools and knowledge to navigate the complexities of building a thriving enterprise. By focusing on key foundational elements, aspiring business owners can significantly increase their chances of long-term success. Here are ten essential building blocks for new business success, designed to guide you from inception to growth and sustainability.