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Financial Based Resolutions: Installment Agreements & Currently Not Collectible

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • Maryland Tax Preparer
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

Numerous taxpayers file balances due to tax returns. Some pay it on time, some pay it late, and some cannot pay it in the pay period after it is due. The IRS provides two major financial-based solutions to taxpayers if they qualify:

Installment Agreements:

 An Installment Agreement (IA) is an arrangement by which IRS allows taxpayers to pay over time. Taxpayers are encouraged to full pay to keep costs down (interest and penalties, user fees, etc.) Generally, no levy may be made while IA is pending, for 30 days after rejection, while denied in appeals, while IA is in effect, and for 30 days after the termination of an IA.

Currently Not Collectible Status:

 The most common grounds for a taxpayer to be placed into CNC status is if the collection of liability would create a hardship by leaving the taxpayer unable to meet necessary living expenses. It is also relevant for businesses that can stay current but are not able to make IA payments.

This online CPE/CE webinar covers the following key topics:

  • The webinar will answer key questions from the tax practitioner’s perspective like “what kind of installment agreement should my client be entered into?” and “what are the requirements for entering into an installment agreement?” 
  • The webinar will also provide a peep into other factors that affect installment agreements, such as Collection Statute Expiration Dates and Full Pay vs. Partial Pay. 
  • The webinar will also explore how Currently Not Collectible Status works and how to determine if your client qualifies for it. 
  • The webinar will discuss things like financial hardships, and situations in which the IRS can’t contact a taxpayer.

This Tax CE webinar will be a key input provider for the tax practitioners for the clients who need financial-based resolutions. 

Learning Objectives

  • To familiarize me with how installment agreements work, including what they are, how to set one up, what’s required, and the different types.
  • To recognize what the Collection Statute Expiration Date (CSED) is, how it works, and how it applies to tax debt.
  • To explore how an Installment Agreement is rejected and what happens when the IRS decides to terminate an existing Installment Agreement.
  • To define Current Not Collectible Status, and how to qualify a client, whether an individual or a business.
  • To explore how to establish hardship.

Recommended For

  • This IRS-Approved CE course is recommended for CPAs, EAs, AFSPs, Tax Attorneys, and Other Tax professionals engaged in providing financial-based resolutions.
  • This webinar will be a key input provider for tax practitioners for clients who need financial-based resolutions. 

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Senior Accountant
  • Tax Attorney