Offers in Compromise (Self Study Video)

  • Credits: 2
  • Format: Self-Study Video
  • Field of Study: Federal Tax Update
  • Author/Speaker: Charles Montecino
Course ID: Advanced Preparation: Experience Level:
EWTFM-U-01751-21-S | 6233-CE-0476 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© May 2020 Basic Understanding of Taxation Audio | OnDemand Webinar | Live Webinar

The Offer in Compromise program is available to taxpayers that have a tax debt so large that they could never pay it. In many cases, they “go off the grid”. They take jobs that pay in cash, work as subcontractors, and don’t have a bank account. By not working “on the books” the IRS can’t garnish their paycheck or levy their self-employed income. If they have a regular job they leave and find another one as soon as the IRS garnishes their paycheck. By not having a bank account the IRS can’t levy their bank accounts. In many instances, they also have no assets in their name that could have a Federal Tax Lien filed against it. Through this program, they can “come clean” and settle their tax debts, reestablish their credit, and get the trauma out of their life.

Topics include:
  • Effective Tax Administration
  • Doubt as to Liability
  • Doubt as to Collectability

Learning Objectives:

After reading the course material, you will be able to:

  • Identify the three types of offers
  • Determine which offer best serves your client
  • Familiarize yourself with the different forms used in filing

Who Should Attend:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Other Tax Return Preparer (OTRP)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s: