IRS Practice Series: 6 Simple Steps to an Offer-in-Compromise: Completing Form 656
Authored by Eva Rosenberg
About this Course
Topics covered include: 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.
Upon completing this course , you should be able to: Identify the fundamentals of determining which type of OIC and how to prepare the OIC and present the offer; Recognize how to expand a tax practitioner's practice base to include representation; Differentiate the three functions of Revenue Officers in the field; Identify the components required when you file an OIC for Doubt as to Liability; Describe what happens when an Offer in Compromise will automatically be accepted, whether the IRS wants to accept it or not; Describe what happens when an Offer in Compromise will automatically be accepted, whether the IRS wants to accept it or not; Recognize how to get the IRS to accept the higher numbers, if your client's expenses are well over the National Standards; Identify the proper numbers of documentation to send to the IRS; Evaluate the percentage of submitted Offers in Compromise (OICs) the IRS accepts; Recognize the level of tax liability taxpayer's file that will be turned over the the Revenue Officers (ROs) in the field; Identify the reason the IRS even considers an OIC when they have the power to collect the money, attach assets, levy wages, and bank accounts; Differentiate the three types of Offer in Compromise; Identify the proper 656 form to work with; Recognize which set of expenses the IRS uses when preparing monthly income and expense statement on any version of Form 433; Identify acceptable negotiation strategies; Differentiate conditions when making a Lump Sum Offer.
IRS Practice Series: Overview of Collection Issues and IRS Practice Series: 10 Steps to Resolving Collection Issues and IRS Practice Series: Hands-on Collections Workshop (or equivalent knowledge)