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Offer in Compromise Basics

  • ACCT/BK
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • Maryland Tax Prep.
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

If a taxpayer is facing a tax liability far beyond his ability to pay, even in a payment plan, the best option may be an Offer in Compromise (OIC), authorized under section 7122 of the Internal Revenue Code. An offer in compromise is an agreement between the IRS and the taxpayer to settle the debt for less than what is owed. The tricky part is that the acceptance of an Offer in Compromise is under the control of the IRS. The IRS is not obligated to settle a taxpayer’s liability for less than what the taxpayer owes, and it is the IRS’s job to get the most money they can out of each taxpayer. 

Of the three types of offers in compromise, doubt as to collectability (DATC) is by far the most common. It means that there is a reasonable doubt that the tax can be paid in full within the statute of limitations for collection (generally, 10 years from the date tax is assessed)

This CE/CPE Tax webinar addresses the essential elements of the DATC offer. 

Your speaker, ASTPS National Director Larry Lawler, CPA, EA, CTRS will cover acceptance criteria, income, and allowable expenses, equity in assets, dissipation of assets, reasonable collection potential, non-liable persons, and streamline offers, and the important terms of the OIC contract. 

In this CE/CPE tax webinar, the speaker will also discuss IRS rejection of an OIC in favor of an installment agreement, and finally, he will be sure to add some of the insights and tips you’ve come to expect from his presentations!

Learning Objectives

  • To discuss the essential elements of the DATC offer.
  • To discuss acceptance criteria.
  • To analyze income and allowable expenses.
  • To inspect equity in assets and dissipation of assets.
  • To discuss reasonable collection potential.
  • To analyze who are non-liable persons.
  • To discuss streamlined offers and important terms of the OIC contract.
  • To discuss IRS rejection of an OIC in favor of an installment agreement.

Recommended For

  • This Online Education Tax Course is recommended for CPA, EA, AFSP, CRTP, MRTP, ORTP, CFIRS, CWS, and any other tax professionals who want to understand the basics of Offer in Compromise.
  • This IRS-Approved CE course is helpful for tax professionals desiring to master in IRS OIC Program.

Who Should Attend?

  • Annual Filing Season Program
  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • Certified Public Accountant (CPA)
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Firm
  • Tax Professionals
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 General Credit for Accountant/Bookkeeper (ACCT./BK)
  • 1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0907)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01078-22-O)
  • 1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01078-22-O)
  • 1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01078-22-O)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 CE Credit for Annual Filing Season Program (AFSP)

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) 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 credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Lawrence Lawler, CPA (US), EA, CPA, EA, CTRS, NTPI Fellow

National Director & Founding Member, American Society of Tax Problem Solvers

Larry is the National Director of the American Society of Tax Problem Solvers (ASTPS). He has represented literally thousands of taxpayers before the Internal Revenue Service and is a frequent public speaker, a writer on professional topics, and a regular trainer of tax professionals nationwide. He is a dynamic and knowledgeable speaker who offers a mix of information, personality and humor in his presentations and interviews. He has become nationally recognized for his skills in solving tax problems, his marketing expertise, and exceptional practice management abilities. He has been a New York Certified Public Accountant since 1973, and is also a fellow of the National Tax Practice Institute. Larry is an active practitioner and is the managing partner of Lawler & Witkowski, CPAs, PC, the firm he established in 1973.

About Company

American Society of Tax Problem Solvers

www.astps.org/

The American Society of Tax Problem Solvers (ASTPS) is a national, non-profit organization of professionals who specialize in representing taxpayers before the IRS.

Established in 2003, ASTPS was created to address the needs of a special group of professionals. The Society is comprised of Attorneys, CPAs, and Enrolled Agents who regularly deal with clients suffering from IRS problems.

ASTPS provides continuing education regarding changes in IRS laws, and new strategies in dealing with the IRS. ASTPS members are continuously kept up to date with the newest and best ways to represent their clients.

ASTPS offers the opportunity for each member to sit for a certification examination. Professionals who pass this comprehensive test earn the Certified Tax Resolution Specialist (CTRS) designation. Professionals with this designation are required to meet minimum continuing education and ethical requirements in order to retain their CTRS designation.We train rescue squads for troubled taxpayers.

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.5

134 Ratings

Excellent

77

Very Good

45

Average

10

Poor

2

Terrible

0

CC

Catherine Couchoud, EA

May 5th, 2022

Very good and useful informtion.

JS

Jennifer Steffy, EA

May 5th, 2022

Larry and Mitch are excellent presenters, great webinar!

HN

Heather Newsome, ACCT/BK, CPA (US)

May 4th, 2022

Good info, instructor was personable and pleasant.

DJ

Denise Joseph, ACCT/BK, AFSP

May 4th, 2022

Great material

MR

Michael Ricozzi, CPA (US)

May 5th, 2022

interesting topic .. not sure i can use as not seeing much of this

Offer in Compromise Basics

FREE

1 Credit

Subject Area

Taxes

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