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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Thursday, October 7, 2021

  • schedule Time

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

  • timer Program Length

    110 minutes

Credit Information

  • 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).

$197.00
CPE
ALL

This course will explain the payment alternatives offered by the IRS that are available to taxpayers to help resolve IRS debt. Our panel of debt resolution experts will cover applying for installment agreements and offers in compromise (OICs) and discuss which taxpayers are the best candidates to establish the most beneficial payment arrangement for a taxpayer.

Faculty

Karen J. Tenenbaum
Partner
Tenenbaum Law, PC

An attorney for 35 years, Ms. Tenenbaum founded Tenenbaum Law, P.C., providing legal counsel to individuals and businesses facing IRS and New York State tax problems. Karen and her team have successfully represented clients in matters including Federal and State Audits, IRS Appeals and NYS Conciliation Conferences, Federal and NYS Collection Issues, including Liens, Levies, Warrants and Seizures, Offers in Compromise, Installment Agreements, Responsible Officer Assessments, NYS Residency Audits, NYS Driver’s License Suspension, and NYS Voluntary Disclosures.

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Christopher L. Bourell
Attorney and Clinic Director at Toledo Tax Controversy Clinic, The University of Toledo College of Law
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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Scott S. Ahroni
Shareholder
Polsinelli

Mr. Ahroni focuses his practice on Federal, State and Local tax controversies. His particular areas of emphasis are audits, administrative appeals and tax litigation in various courts and tribunals, including the United States Tax Court, United States District Court, New York State Division of Tax Appeals, New York State Tax Appeals Tribunal, New York City Tax Tribunal, New York Department of Labor, Unemployment Insurance Appeal Board, and the New York State Appellate Divisions, First and Third Departments.

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Description

Completing a return with the lowest legitimate tax liability is often just half the battle. Taxpayers often walk away with significant balances due to taxing agencies including the IRS and the New York State Department of Taxation and Finance. Helping individuals manage their tax liabilities to prevent potential liens, levies and revocations of your passport has become an integral piece of many tax practices.

There are both short-term (120 days or less) and long-term installment arrangements. Defaulting on either can have severe consequences. Understanding what payment amounts and payment terms the relevant taxing agency will accept beforehand is key. Taxpayers often need to modify an existing agreement to lower payment amounts or include an additional year.

Tax agencies also allow taxpayers to settle their tax liabilities for less than the tax, penalty and interest owed using the offer in compromise (“OIC”) program. An OIC is detailed in a booklet provided by the IRS, Form 656. It explains steps for completing both 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 of tax experts provides insights into payment arrangements with the Internal Revenue Service and New York State, including tips for having the most favorable arrangement accepted.

Outline

  1. Owing tax liabilities to the IRS and New York State
  2. Installment agreements
    • Short-term payment plans
    • Long-term payment plans
    • Amending an existing plan
  3. Offers in compromise
    • Online pre-qualifier
    • Individuals
    • Preparing financial forms
    • Handling denied offers
  4. Unusual circumstances and common errors to avoid
  5. Best practices

Benefits

The panel will cover these and other critical issues:

  • Using "special circumstances" to lower an offer
  • How to amend a current installment agreement
  • 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

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • 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 offer in compromise amount

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of individual income taxation, including itemized deductions, individual income tax credits, net operating loss limitations including carrybacks and carryforwards.

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).