Settling Your Tax Bill for Less: Myths vs. Reality (Completed)

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Every year, millions of taxpayers struggle with unpaid IRS balances, yet only a small fraction successfully settle their tax debt for less through the IRS Offer in Compromise (OIC) program. Why is that? What does it really take to qualify?

In this course, tax expert Jim Buttonow, CPA/CITP, will separate fact from fiction and give you the insider knowledge you need to guide clients through the OIC process. You’ll learn how the program works, who qualifies, and how to calculate the settlement amount. We’ll walk through a real-life example from start to finish—qualification, application, investigation, and resolution—while debunking common myths that mislead taxpayers.

Plus, discover why many clients don’t qualify and explore alternative IRS solutions that may better fit their circumstances. By the end of this session, you’ll have the confidence and tools to advise clients on realistic options for resolving tax debt.

Who Should Attend
All tax professionals who need to resolve unpaid taxes issues for their clients and want to consider the IRS offer in compromise program.

Topics Covered

• The IRS offer in compromise basic concepts
• OIC trends, and who generally qualifies and does not qualify for an OIC
• The qualification and the offer amount calculations
• The OIC financial analysis used in the qualification and offer amount formulas
• The OIC application and investigation process
• Possible better IRS collection alternatives to the OIC

Learning Objectives

• Describe the IRS offer in compromise program and how it works
• Identify whether a client qualifies for an offer in compromise
• Recognize how to calculate the amount they need to settle their tax bill
• Identify the potential issues that will disqualify a client from an OIC
• Identify other IRS collection alternatives that may better fit your client's circumstances

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None