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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Law

Date & Time
  • event Date

    Friday, August 2, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$147.00

This CLE/CPE webinar will provide a comprehensive and practical guide to navigating the IRS offers in compromise (OIC) process and securing settlements of tax liability for clients. The panel will discuss applying for installment agreements and OICs and discuss which taxpayers are the best candidates to establish the most beneficial payment arrangement or settlement for a taxpayer.

Faculty

Bourell Christopher
Shareholder
Toledo Tax Controversy Clinic, The University of Toledo College of Law

Mr. Bourell is a practicing attorney and the director of the Toledo Tax Controversy Clinic. His practice concentrates on helping taxpayers resolve their disputes with the IRS and with state and local tax authorities. Mr. Bourell advises on examination strategy, defends taxpayers in appeals and litigation, and helps resolve tax collection matters. He earned his J.D. from Southern Methodist University Dedman School of Law and LL.M. in Taxation from the New York University School of Law. Mr. Bourell is a licensed attorney in Texas, New York, and the United States Tax Court.

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Cole Joseph
Shareholder
RJS LAW Firm

Mr. Cole is a senior associate at our law firm. He assists our attorneys with client matters before the Internal Revenue Service (IRS), Franchise Tax Board (FTB), Employment Development Department (EDD), and the State Board of Equalization (SBOE). Prior to joining our firm, Mr. Cole was a Law Clerk at Liberty Mutual Insurance Company. Before joining RJS LAW, he advised clients on various tax, business Law, and estate planning matters. Mr. Cole as also helped hundreds of clients resolve tax problems before the IRS, California Franchise Tax Board, and other tax agencies.

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Description

Taxpayers with significant balances due to the IRS are often not aware of options that may be available to mitigate federal tax debt. Tax professionals must understand applicable tax rules and procedures for installment agreements and OICs to assist individuals with managing tax debt to prevent potential liens and levies.

Typically, installment agreements are the first steps in managing federal tax debt with both short-term and long-term installment arrangement options available. However, defaulting on either can have severe consequences. Understanding what payment amounts and payment terms the Service will accept beforehand is critical to ensuring such an arrangement is the best option for a taxpayer. This also may include modifying an existing agreement or the inclusion of additional years.

An OIC can provide an ideal option for taxpayers seeking to eliminate tax debt at a lower rate in the form of a settlement. It involves completing Forms 433-A, Collection Information Statement for Wage Earners and Self-Employed Individuals, and Form 433-B, Collection Information Statement for Businesses. Certain taxpayers will need to complete both.

Both installment plans and OICs require setup fees. OIC application fees may be waived for eligible taxpayers. Both have online options to assist applicants. The OIC has an online pre-qualifier, and certain installment agreements can be set up online. Tax practitioners must grasp the nuances of these applications and the likelihood of acceptance when working with taxpayers who have outstanding IRS debt.

Listen as our panel discusses steps in applying for installment agreements and OICs and outlines which taxpayers are the best candidates to establish the most beneficial payment arrangement or settlement with the IRS.

Outline

  1. Owing the IRS and available options for taxpayers
  2. Installment agreements
    • Short-term payment plans
    • Long-term payment plans
    • Amending an existing plan
  3. Offers in compromise
    • Online pre-qualifier
    • Required forms
    • Individuals
    • Businesses
    • Handling denied offers
  4. Best practices and pitfalls to avoid

Benefits

The panel will discuss these and other key issues:

  • Understanding what offers are available to handle tax debts
  • Using "special circumstances" to lower an offer
  • How to amend a current installment agreement
  • How the IRS evaluates offers and reasonable collection potential
  • When an OIC should be filed using alternative Form 656-L based on doubt as to liability
  • What assets are required to be included on Form 433-A
  • Avoiding common errors that lead to denial of an OIC
  • What to do when a client defaults on an offer

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Ascertain what offers are available to settle tax debt
  • Identify taxpayers eligible to apply for an installment agreement online
  • Determine what payment terms are likely to be accepted for installment agreements
  • Decide what assets are required to be included as personal assets in an OIC
  • Ascertain when special circumstances might warrant a lower OIC amount

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).