IRS Offers in Compromise: Navigating the OIC Process and Obtaining Optimum Payment Arrangements or Settlements
Recording of a 60-minute premium CLE/CPE video webinar
This CLE/CPE webinar will provide a comprehensive and practical guide to navigating the IRS offers in compromise (OIC) process and securing settlements of tax liability for clients. The panel will discuss applying for installment agreements and OICs and discuss which taxpayers are the best candidates to establish the most beneficial payment arrangement or settlement for a taxpayer.
Outline
- Owing the IRS and available options for taxpayers
- Installment agreements
- Short-term payment plans
- Long-term payment plans
- Amending an existing plan
- Offers in compromise
- Online pre-qualifier
- Required forms
- Individuals
- Businesses
- Handling denied offers
- Best practices and pitfalls to avoid
Benefits
The panel will discuss these and other key issues:
- Understanding what offers are available to handle tax debts
- Using "special circumstances" to lower an offer
- How to amend a current installment agreement
- How the IRS evaluates offers and reasonable collection potential
- When an OIC should be filed using alternative Form 656-L based on doubt as to liability
- What assets are required to be included on Form 433-A
- Avoiding common errors that lead to denial of an OIC
- What to do when a client defaults on an offer
Faculty
Christopher L. Bourell
Attorney and Clinic Director at Toledo Tax Controversy Clinic, The University of Toledo College of Law
Toledo Tax Controversy Clinic, The University of Toledo College of Law
Mr. Bourell is a practicing attorney and the director of the Toledo Tax Controversy Clinic. His practice concentrates... | Read More
Mr. Bourell is a practicing attorney and the director of the Toledo Tax Controversy Clinic. His practice concentrates on helping taxpayers resolve their disputes with the IRS and with state and local tax authorities. Mr. Bourell advises on examination strategy, defends taxpayers in appeals and litigation, and helps resolve tax collection matters. He earned his J.D. from Southern Methodist University Dedman School of Law and LL.M. in Taxation from the New York University School of Law. Mr. Bourell is a licensed attorney in Texas, New York, and the United States Tax Court.
Close
Joseph Cole, Esq., LL.M.
Senior Associate Attorney
RJS LAW Firm
Mr. Cole is a senior associate at our law firm. He assists our attorneys with client matters before the Internal... | Read More
Mr. Cole is a senior associate at our law firm. He assists our attorneys with client matters before the Internal Revenue Service (IRS), Franchise Tax Board (FTB), Employment Development Department (EDD), and the State Board of Equalization (SBOE). Prior to joining our firm, Mr. Cole was a Law Clerk at Liberty Mutual Insurance Company. Before joining RJS LAW, he advised clients on various tax, business Law, and estate planning matters. Mr. Cole as also helped hundreds of clients resolve tax problems before the IRS, California Franchise Tax Board, and other tax agencies.
Close