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Course Level :Basic
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Credits :1
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Instructional Method :Group Internet Based
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Pre-requisites :None
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Advance Preparation :None
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.
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.
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.
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.
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.
115 Ratings
DB
Jun 28th, 2022
great
RG
Jun 25th, 2022
All programs seem to provide information to CPAs.
ADA
Jun 24th, 2022
Excellent presenter, excellent topic
JG
Jun 24th, 2022
Good overview of the topic.
KC
Jun 24th, 2022
Great presentation. Michael covered the topic well.
1 Credit
Subject Area
Jul 01, 2022 | 10:00 AM EDT
Jul 01, 2022 | 10:00 AM EDT
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Jul 01, 2022 | 10:00 AM EDT
Jul 01, 2022 | 10:00 AM EDT
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