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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: - The four essential "Powell factors" (LIRA) required for a valid IRS summons: Legitimate purpose, Relevant inquiry, Information not already possessed, and Administrative steps followed. - The critical 20-day deadline for a taxpayer to file a petition to quash a third-party summons after receiving notice. - The two-step enforcement process: the IRS must petition a U.S. District Court to compel compliance with a summons. - Key defenses against a summons, including the distinction that the Fifth Amendment privilege applies to individuals but not corporate entities for records. - The specific notice requirements for third-party recordkeepers, which give taxpayers the right to intervene.
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
