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OIC is a privilege, not a taxpayer right. Impress and assist your clients with your insight on this ambiguous IRS program.

2 CPE for EA, CRTP

$52 for Members and $64 for Nonmembers

Includes webinar recording and PowerPoint presentation. CPE is issued after exam is successfully completed.

The IRS offer in compromise process is one of the most publicized but least understood processes for tax professionals and their clients. In 2011, more than 8 million taxpayers entered IRS Collection – and only 20,000 received an offer in compromise. Does your client qualify? What is the offer amount and how is it computed? Is there really any negotiation involved? Who is likely to get an offer in compromise? Is an offer in compromise even the best collection alternative? This course will answer these common questions and provide you with the tools and knowledge to effectively advise your clients on this program.

In this course, you will gain insight into the OIC process, as well as the four steps to evaluate, file and finalize an offer in compromise. Learn the financial analysis techniques to calculate whether your client qualifies, as well as the details about the offer amount, application process and appealing rejected offers. Also learn how to avoid common pitfalls of the OIC process and advise your clients on better collection alternatives.

Upon the completion of this webinar, you will be able to:

  • Determine and advise your client on whether an offer in compromise is appropriate.
  • Explain the financial analysis components of an offer in compromise.
  • Determine the offer amount.
  • Submit a successful offer in compromise application for your client.
  • Advise and represent your client in finalizing and appealing an offer in compromise.
  • Avoid the common reasons offers in compromise are rejected.

Presented by: James Buttonow, CPA
Jim Buttonow, CPA, CITP, is a 20-year IRS veteran and a leading expert on IRS practice and procedure. While with the agency, Jim led multifunctional teams across the U.S. in the areas of examination, collection, filing and appeals. After leaving the IRS, Jim worked to represent hundreds of taxpayers before the IRS.

Today, Jim is cofounder and vice president of New River Innovation, where he is chief architect of Beyond415®, the Web-based system for IRS practice and procedure. Jim regularly speaks on compliance trends and post-filing practice efficiency strategies for CPA and accounting firms, and his education-based articles have appeared in the Journal of Accountancy, Accounting Today and various state CPA society magazines. In 2012, Accounting Today named Jim one of the Top 100 Most Influential People in Accounting.

CPE Sponsor Information

Duration: 100 minutes
Course Level: Intermediate
Prerequisite: General knowledge and understanding of IRS Collection alternatives
Advanced Preparation: None
Delivery Method: Self-Study

 

CPE CreditsDesignationField of Study
IRS2EAFederal Tax Law Topic
NASBA0CPAN/A
CTEC2CRTPFederal Tax Law Topic
CFP Board0CFP®N/A

For IRS purposes, there is no competency test or mandatory continuing education for other tax return preparers, but this category of tax preparer may take continuing education voluntarily.

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