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IRS Representation Series - Doing Offer-in-Compromise - How to Complete the Form 656 Application

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • MRTP
  • CFIRS
  • CWS

Published: May, 2021

Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Table of Contents
    2 mins
  • IRS Criminal Investigations Focus
    13 mins
  • Forms and Complexity
    29 mins
  • IRC Trumps IRM on ETA
    56 mins
  • Payments Offered
    95 mins
  • Bunny - Form 656 - the offer
    139 mins

Course Description

This Tax Resolution CPE webinar is designed to walk you through an Offer in Compromise.

Why do you think IRS would be willing to allow taxpayers to pay pennies on the dollar?

An Offer-in-Compromise (OIC) allows taxpayers to reach an agreement with the IRS to pay less than the total owed. In this online continuing education course, you'll receive a detailed 6-step guide to requesting an OIC to achieve a reasonable settlement for your client.

This online CPE webinar will cover the following topics:

  • Understanding the Offers
  • Doubt as to Liability
  • Effective Tax Administration
  • Doubt as to Collectability
  • Influence/optimize the outcome
  • Strategies for Offers
  • Presenting the Offer
  • Setting Expectations
  • Plan for Appeals

This Online Accounting CPE Course is one of the best courses for Accountants and Approved for CPE Credits for CPA, AFSP, EA, & other tax preparers. It's a Part of Series:

Learning Objectives

  • To identify functions of an IRS field team visiting employers who are delinquent on their payroll tax payments
  • To recognize if there is any way to get the IRS to accept the higher numbers, if your client's expenses are well over the National Standards
  • To describe the percentage of submitted Offers in Compromise (OICs) does the IRS accept (rounded to the nearest percentage)
  • To recognize what level of tax liability will a taxpayer's file be turned over to Revenue Officers (ROs) in the field
  • To identify which set of expenses the IRS must use when preparing the monthly income and expense statement on any version of Form 433
  • To differentiate which type of OIC is appropriate
  • To recognize how to prepare the OIC and present the offer
  • To identify the taxpayer’s role when it comes to Effective Tax Administration (ETA)
  • To identify what you should do when sending documents to the IRS
  • To differentiate reasons the IRS would even consider an OIC when they have the power to collect the money, attach assets, levy wages, and bank accounts

Recommended For

  • This online CPE webinar for CPAs is recommended for any Professional representing client in Tax related disputes or audit

Who Should Attend?

  • Accounting Firm
  • Annual Filing Season Program
  • California Registered Tax Professional
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Entrepreneurial CPA
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 CE Credit of Taxes for Annual Filing Season Program (AFSP)
  • 2 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0530)
  • 2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 2 CE Credit of Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00550-21-S)
  • 2 CE Credit of Federal Tax Related Matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00550-21-S)
  • 2 CE Credit of Federal Tax Related Matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00550-21-S)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 General Credit for Accountant/Bookkeeper/Tax Professionals

Additional details

  • Course Level :
    Advance
  • Credits :
    2
  • Instructional Method :
    QAS Self Study

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

Eva Rosenberg, EA, MBA

Owner, TaxMama.com

Eva Rosenberg, EA, Your TaxMama® has been teaching Enrolled Agents exam review courses off and on since developing the program for UCLA Extension over 25 years ago.

Eva has a B.A. in Accounting and an M.B.A. in International Business. Your TaxMama® has been a TaxWatch columnist for Dow Jones' www.MarketWatch.com and author of award-winning best-sellers, including Small Business Taxes Made Easy. and Deduct Everything! You can hear her on various radio stations around the country on a regular basis.  

As a speaker, TaxMama® is popular with both tax professionals and taxpayers. You can find her at www.TaxMama.com where you can subscribe to her free podcast. TaxMama is also the moderator of the U.S. Tax Court Group at LinkedIn and invites you to join.

About Company

TaxMama.com

taxmama.com

For the tax community, our mission is to educate tax professionals to be skilled, ethical and profitable in their chosen area of tax preparation and representation.  We do this with courses, books, and newsletters.

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

4.7

39 Ratings

Excellent

26

Very Good

13

Average

0

Poor

0

Terrible

0

RMC

Rosalba Maravilla Ceja, AFSP, CRTP, EA, RTRP

Jul 6th, 2022

Well explain presentation, I learned a lot

DS

Douglas Smith, EA

Mar 28th, 2022

VERY GOOD WELL DONE.

SLW

Siu Lung Wu, AFSP, EA

May 2nd, 2022

good

DLD

D L Davis, EA

Jul 3rd, 2022

I had the same problem that I had with another couse. For some reason, the review questions are initially unaccessible, and I cannot proceed.

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