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Offer in Compromise Overview

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

Course Description

Course Description

An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer's tax liabilities for less than the full amount owed. Taxpayers who can fully pay the liabilities through an installment agreement or other means, generally won't qualify for an OIC in most cases.

The IRS created the offer in compromise program because many taxpayers cannot pay their tax liability without causing themselves financial hardship. In 2016 alone, the IRS accepted 27,000 offers, amounting to $225.9 million. They also rejected 36,000 offers. So how do you know if the offer in compromise is right for your client?

If you want to get your offer accepted by the IRS, you must demonstrate that your client cannot pay the full tax debt owed, that the tax is not actually owed, or that another unique situation applies where an offer is in the best interest of both your client and the IRS. As a general rule, the IRS is likely to approve offers when they represent the most money the IRS can expect to collect within a reasonable time.

This CE/CPE Tax webinar provides an overview of the IRS Offer in Compromise program. Participants will learn the steps required to submit a complete and accurate Offer in Compromise.

Learning Objectives

  • To identify the objective of the Offer in Compromise Program.
  • To recognize the difference between the 3 types of Offers.
  • To recall the financial analysis within the scope of the webinar.
  • To identify the information required for an OIC.
  • To recognize the potential outcomes of an OIC.

Recommended For

  • This IRS-approved CE course is recommended for CPA, EA, AFSP, CRTP, MRTP, ORTP, CFIRS, CWS, and other Tax Professionals interested in knowing everything about IRS Offer in Compromise program.

Who Should Attend?

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

Course Qualification

Webinar Qualifies For

  • 1 General Credit for Accountant/Bookkeeper/Tax Professionals
  • 1 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0958)
  • 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-01160-22-O)
  • 1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01160-22-O)
  • 1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01160-22-O)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)

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

Michael Smith

Senior Stakeholder Liaison, Internal Revenue Service

Michael Smith is a Senior Stakeholder Liaison with the Internal Revenue Service. As a Sr. Stakeholder Liaison, he works with all taxpayer communities, including major employers, community associations and tax practitioner organizations to help all taxpayers comply with the tax laws.

 

Michael became a Senior Stakeholder Liaison in the Communications and Liaison division of the IRS in 2021. Prior to 2021, he held a variety of positions in the Small Business/Self-Employed division of IRS as a Revenue Officer and Collections Manager. He specializes in the areas of employment tax, tax controversy, alternative resolutions and collection actions (lien/levy/seizure).

 

Michael graduated from the University of Wisconsin – Oshkosh with a Bachelor of Business Administration in 2009. Michael has gained a thorough understanding of IRS policies, procedures, and work processes throughout his 12-year career with IRS.

About Company

Internal Revenue Service

www.irs.gov/

The Internal Revenue Service's official LinkedIn account features IRS updates to help America's taxpayers understand and meet their tax responsibilities and enforce the law with integrity and fairness to all. See also our job opportunities and follow www.twitter.com/RecruitmentIRS.

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Faq

FAQs content

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Ratings and Review

4.6

119 Ratings

Excellent

78

Very Good

36

Average

5

Poor

0

Terrible

0

PRL

Pearline R. Lewis

Jun 23rd, 2022

Michael Smith is an excellent presenter. Offer in Compromise is a must take webinar. I learned a lot of things that I didn't know especially the new application fee has went up. Along with the information on compliance and the low-income certification.

AG

Amanda Girton, CPA (US)

Jun 23rd, 2022

I don't personally do much work with offers in compromise, but it is good to know about the program. It was also good to hear about it from the perspective of the IRS, and what their goals are in the program.

JS

Jennifer Schrader, EA

Jun 23rd, 2022

I really appreciate the IRS Webinars. The information is straight-forward and helpful, and the instructors are clear and easy to understand. Great materials!

SC

Shaumi Casper, EA

Jun 23rd, 2022

The webinar contained great information, and I feel like I have a better understanding of the process in general.

JL

Joseph Lisandrillo, EA

Jun 23rd, 2022

An excellent overview of a subject I wasn't previously familiar with. The pdf is a first-rate reference tool.

Offer in Compromise Overview

FREE

1 Credit

Subject Area

Taxes