Canopy has updated its Collection Statute Expiration Date (CSED) Calculations and Tolling Events reports in an effort to make your work life easier and save you time.
What is the CSED?
The Collection Statute Expiration Date (CSED) is the last day the IRS can collect the balance owed on a specific assessment. Each assessment carries its own CSED. Generally, the CSED is 10 years from the date of assessment. Certain actions, called tolling events, can extend the original CSED.
How it works:
Canopy conducts ongoing research to provide the most accurate in the industry CSED calculations. That research combines behind the scenes to produce a report that you can easily find after you’ve pulled a client’s transcript. You simply navigate to the transcript reports and you’ll see the CSED calculations as one of the options.
Why it matters:
Canopy’s CSED report calculates your client’s CSED dates if they have an outstanding case with the IRS, saving you the time and effort involved with calculating this manually. With that information, you’re better able to quickly and easily assess your client’s situation and advise them on the best strategy for their unique situation.
If your client owes the IRS, the CSED can be a powerful tool in helping you develop a resolution strategy. Manually calculating the CSEDs can take several hours depending on the complexity of your client’s situation. The CSEDs can also change while the case is being worked on.
While knowing the CSED date can be a very powerful tool, it can be time-consuming to call the IRS and wait on hold to obtain that information directly from the IRS. And because tolling events can affect the CSED date, it may quickly become out of date and inaccurate. Canopy’s CSED Calculations report calculates the CSEDs each time you pull a client’s transcript (which is easy and can be scheduled to pull automatically at a regular interval within Canopy). And the Tolling Events report provides a breakdown of each transaction that has suspended or extended the CSED .
Where to find it:
KC is a senior product marketing manager at Canopy.READ MORE BY KC