CPAs, EAs, Tax Professionals, Financial Planners, Investment Advisors, Attorneys, Tax Professionals advising clients on IRS collections and resolving tax liabilities
Learning Objectives
After attending this presentation, you will be able to...
- Identify the stages of the IRS collection process, from initial notice to enforced collection actions.
- Recognize when Forms 433-A or 433-B are required and understand the information necessary to complete them.
- Evaluate the criteria for submitting an Offer in Compromise (OIC) and outline the submission process.
- Recall the different payment options available to taxpayers facing IRS collections.
- Determine how to effectively advise clients on navigating the IRS collection process.
- Minimize potential penalties and ensure compliance during the resolution process.
- Assess the implications of different settlement strategies, including OIC and installment agreements.
- Apply practical insights to real-world scenarios for resolving tax liabilities.
Major Topics
The major topics that will be covered in this course include:
- Overview of the IRS collection process and enforcement actions.
- Initial notices, taxpayer rights, and IRS timelines.
- When to use Forms 433-A or 433-B and required documentation.
- Offer in Compromise (OIC): criteria, process, and practical considerations.
- Payment options: installment agreements, partial payment plans, and OIC.
- Advising clients on IRS collections and avoiding penalties.
- Compliance strategies for minimizing tax liabilities.
- Real-world scenarios and examples for tax debt resolution.
