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IRS Collection Alternatives for Your Financially Distressed Clients

 
Duration: 100 minutes
Course Level: Basic
Prerequisite: None
Advanced Preparation: None
Delivery Method: Self-Study 
 
CPE Credits Designation Field of Study
IRS * 2 EA Federal Tax Law Topic
NASBA 0 CPA N/A
CTEC 2 CRTP Federal Tax Law Topic
CFP Board 0 CFP® N/A

* NATP will report CPE credits to the IRS for all PTIN holders. CPE is currently not mandatory for RTRPs or RTRP candidates and any option to register or participate in this program is strictly voluntary.
 
Fees: $52 for Members and $64 for Nonmembers
 
Summary
In 2010, almost 24 million taxpayers filed a tax return with a balance due. At the end of 2011, there were more than 10 million taxpayer accounts in IRS collection. These numbers are expected to grow for 2012 because, unfortunately, some of our clients will fall on hard times and won’t be able to fully pay their tax obligations. Fortunately, there are options when your clients cannot full pay their liabilities.

This on-demand webinar will explore the primary IRS collection alternatives for your clients who cannot fully pay their liabilities. You will learn the rules and requirements for installment agreements, extensions to pay and payment deferrals (namely, currently not collectible status). This on-demand webinar will also show you how to determine whether an offer in compromise is a viable alternative for your client. Learn how to evaluate the best alternative and execute that alternative in the most efficient and effective manner for your client.

Objectives
Upon completion of this on-demand webinar, you will be able to:

  • Explain IRS collection alternatives.
  • Determine which alternative is best.
  • Apply the rules for the various types of IRS installment agreements, currently not collectible status, and extensions to full pay.
  • Identify when an offer in compromise is a viable alternative for your client.
  • Advise your client about which IRS collection alternative is best for his or her situation.

Presenter: 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.

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