This course highlights when to use Form 433-A or 433-B, along with documents needed to effectively submit an Offer in Compromise (OIC) or Installments Agreement. Settling tax debts is an important part of the IRS collection process, this course helps guide taxpayer representatives through the process so they may efficiently complete these necessary forms.
DESIGNED FOR
CPAs, EAs, Tax Professionals, Financial Planners, Investment Advisors, Attorneys, Tax Professionals advising clients on IRS collections and resolving tax liabilities
BENEFITS
After attending this presentation, you will be able to...
- Identify the stages of the IRS collection process, from initial notice to enforced collection actions.
- Recognize when Forms 433-A or 433-B are required and understand the information necessary to complete them.
- Evaluate the criteria for submitting an Offer in Compromise (OIC) and outline the submission process.
- Recall the different payment options available to taxpayers facing IRS collections.
- Determine how to effectively advise clients on navigating the IRS collection process.
- Minimize potential penalties and ensure compliance during the resolution process.
- Assess the implications of different settlement strategies, including OIC and installment agreements.
- Apply practical insights to real-world scenarios for resolving tax liabilities.
HIGHLIGHTS
The major topics that will be covered in this course include:
- Overview of the IRS collection process and enforcement actions.
- Initial notices, taxpayer rights, and IRS timelines.
- When to use Forms 433-A or 433-B and required documentation.
- Offer in Compromise (OIC): criteria, process, and practical considerations.
- Payment options: installment agreements, partial payment plans, and OIC.
- Advising clients on IRS collections and avoiding penalties.
- Compliance strategies for minimizing tax liabilities.
- Real-world scenarios and examples for tax debt resolution.
PREREQUISITES
None
ADVANCE PREPARATION
None