Wednesday, July 23 | 2:00 p.m. - 3:40 p.m. | Concurrent Session
Legal and Financial Tips for Closing a Tax Practice
2 CPE for AFSP, EA, CPA, CRTP
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As many tax professionals consider leaving the field, this session provides essential guidance on the legal and financial steps they may face during their transition. Gain a clear understanding of the processes for closing PTINs and EFINs, including why these steps are critical. Learn how to properly report the sale of tax practice assets on Form 4797 while exploring the implications of Section 7216 and its importance in safeguarding client confidentiality during the sale of a practice. This session offers practical insights to ensure a compliant and seamless exit from the profession.
Objectives
Upon completion of this session, you will be able to:
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Outline the process of closing PTINs and EFINs
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Properly report the sales of the tax practice’s assets on Form 4797
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Summarize the importance of Section 7216 in the sale of a tax practice
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CPE information
Duration: 100 minutes
Course level: Intermediate
Prerequisite: General understanding of federal tax law
Advanced preparation: None
Delivery method: Group Live
