EA Exam Prep Part 3: Collections (Currently Unavailable)

Author: Eva Rosenberg

This is the ninth class of the EA Exam Prep Part 3 series. In this course, you will learn the various aspects of collections. TaxMama® will explain the rules, payment options, and more. Have a look at the contents of the Internal Revenue Manual, Part 5. Get details on the process from start to finish. Learn when to use an Offer in Compromise and when an Installment Agreement is needed. Find out what to do if a lien or levy is placed. Discuss innocent spouse relief, strategies, and other areas of the collections process.

Publication Date: October 2019

Topics Covered

• Collection statistics
• Internal Revenue Manual Part 5. Collecting Process
• Offer in Compromise
• IRS collections process
• Abuse of the Tax Court process
• Rules for collections contained in the Internal Revenue Manual
• Collection Statute Expiration Date (CSED)
• Partial pay installment agreement
• Automatically extending the statute
• TC 550 waiver extension codes
• Taxpayer rights
• Payment options
• Currently Non-Collectible status
• National standards tables for food, clothing, and other items
• Collections software
• Installment agreement basics
• Installment agreement strategies
• Setting up installment agreements
• Notice of Federal Tax Lien
• Offer in Compromise basics
• Criteria to qualify for an Offer in Compromise
• IRS Pre-qualifier page for Offer in Compromise
• What happens when you submit an Offer in Compromise
• Fast Track Mediation Process
• Innocent spouse relief
• Innocent Spouse vs. Injured Spouse
• Collections appeal process
• Liens
• Levies
• How to get a levy removed
• Release of a levy
• Exclusions from Assets or Cash Flow
• Other Property that cannot be levied or seized
• IRS sale of your property
• Form 900, Tax Collection Waiver
• Form 872-A, Special Consent to Extend the Time to Assess Tax
• Form 872-T, Notice of Termination of Special Consent to Extent the Time to Access Tax
• Form 8752, Required Payment or Refund Under Section 7519
• Form 656, Offer in Compromise
• Form 433-A, Collection Information Statement for Wage Earners and Self-Employed Individuals
• Form 433-B, Collection Information Statement for Businesses
• Form 433-F, Collection Information Statement
• Form 9465, Installment Agreement Request
• Form 8546, Claim for Reimbursement of Bank Charges

Learning Objectives

• Identify the collection process
• Describe the rules of collections
• Recognize the criteria and process for an Offer in Compromise
• Describe the Collection Statute Expiration Date (CSED)
• Describe installment agreements
• Identify taxpayer rights
• Differentiate between a lien and a levy
• Recognize how to get liens and levies removed
• Recognize how to complete various forms and publications dealing with collections

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None