IRS Collection: Ability to Pay Alternatives On-Demand Webinar
Summary
Statistics show that over 40 million individual taxpayers will file a tax return with a balance owed in 2024. Many of them will not be able to pay and add to the more than 24 million taxpayers who owe the IRS. With the resumption of IRS collection enforcement in 2024, many of these clients may be financially struggling and not able to pay their tax obligations. Fortunately, there are options when they cannot fully pay their liability.
In this webinar, explore the four alternatives when your client cannot fully pay their liability – the IRS collection alternatives. We’ll examine the rules and requirements for installment agreements, extensions to pay and payment deferrals (namely, currently not collectible status). Know what alternative is best and execute that alternative in the most efficient and effective manner for your client.
Objectives
Upon completion of this course, you will be able to:
- Describe the four alternatives to full payment with the IRS: extensions to pay, payment plans and the two hardship agreements: not collectible status and the offer in compromise
- Evaluate which alternative is best for your client’s situation
- Explain what goes into the ability to pay calculation and how to determine your client’s ability to pay their tax bill with assets and monthly payments
- Demonstrate best practices in dealing with IRS collection and using the often-misunderstood IRS offer in compromise program.
Course Details
This on-demand webinar includes the presentation slides, exam questions and recording of the webinar broadcast with review questions. CPE is issued after exam is successfully completed.
Presented by:
Jim Buttonow, CPA