2014 Tax Practitioner Questions & Answers

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General

  1. Are there CPE credits for Wisconsin Department of Revenue (DOR) tax update presentations?

    DOR did not seek formal CPE approval. DOR supplied certificates of attendance for events it sponsored that many accrediting organizations will accept along with a copy of the agenda. Exception: The IRS does not recognize DOR's sponsored updates for Enrolled Agent CPE credits.

ID Verification & Fraud

Processing & Audit Issues

Collections

  1. Under what circumstances is a continuous levy issued?

    A continuous levy is issued only when other efforts to achieve compliance have failed.

  2. Can a continuous levy be issued at any agent's discretion?

    No, supervisor approval is required.

  3. Is the taxpayer notified or given a copy of the receipt when funds are received?

    Yes.

  4. Will a continuous levy take funds from an individual account for business debt?

    No. Levies are entity specific.

    Exceptions:

    • individual uses their social security number (SSN) on a bank account for their business
    • individual has been assessed personal liability for the business debt
    • individual is liable for certain tax obligations of a disregarded entity

  5. For a continuous levy, does it apply to all of a taxpayer's accounts at a financial institution or only a single account?

    All accounts of a taxpayer held by a financial institution are subject to a levy, continuous and one–time.

Unclaimed Property (UP)

W-2 and Information Return Reporting

Miscellaneous Income/Franchise Tax Topics

Net Operating Losses (NOLs)

Private School Tuition, College Tuition, & College Savings Account Subtractions

Miscellaneous Income/Franchise Tax Credits

Manufacturing and Agriculture (MA) Credit

Depreciation & Basis Modification

March 4, 2015