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Taxpayers who owe the IRS, especially when the IRS begins to levy bank accounts and wages, find the cable and radio ads that claim that taxpayers can fulfill their IRS tax debt in full by making the IRS an offer to accept a lesser amount very enticing.
OICs are likely the most misunderstood method to resolve IRS tax debt, they often take 9-12 months to resolve, and the IRS rejects almost 60% of the offers made. If you plan to submit an OIC on behalf of a client, this course will provide you with the guidance as to where to you start, what questions to ask, understanding your Circular 230 requirements, understanding the pros and cons of OICs, why IRS transcripts are so very important, understanding the statute of limitation rules and why making an OIC can result in malpractice, why and how to contest the IRS’s reasonable collection potential computation, understanding dissipated assets, and various other factors that the IRS considers.
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