Episode Details

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - A 30-day letter is a preliminary notice from the IRS Examination Division proposing changes to a tax return and offering the right to appeal. - For proposed deficiencies of $25,000 or less in a single tax period, a taxpayer can use a simplified "small case request" to appeal. - A formal written protest is required for amounts over $25,000 and must include a statement of facts, a statement of law, and a declaration under penalties of perjury. - Partnerships and S corporations must always file a formal written protest, regardless of the amount in dispute. - Failing to respond to a 30-day letter will result in the IRS issuing a 90-day letter, also known as a Statutory Notice of Deficiency, which allows the taxpayer to petition the Tax Court. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep