IRS Practice Series: 10 Steps to Resolving Collection Issues (Currently Unavailable)

Author: Eva Rosenberg

Learn how to resolve collection issues with an overview of the qualifications for and benefits of each type of resolution, as well as a detailed guide to which resolutions offer the best outcome for each client. Identify how COVID19 has changed the IRS operations and procedures.

Publication Date: May 2021

Designed For
Any proactive, current or prospective, Circular 230 practitioner that understands the IRS is ramping up the "close the tax gap". Tax practitioners who want to protect their existing clients from IRS' predatory collections action and grow their business into this rapidly expanding market.

Topics Covered

• Collect Your Fee
• Gather Information
• Understand the Statutes
• Evaluate Your Options
• Discuss options with client
• Determine your strategy
• Set Plan of Attack
• Contact IRS & Set the stage
• Provide documentation
• Be Prepared to wait & educate your client
• Re”evaluate & Follow”up

Learning Objectives

• Identify the methods for resolving collection issues, especially under the new COVID19 more lenient procedures
• Identify the best way to reduce a client's tax debt
• Differentiate options to offer a client
• Recognize what must happen to start and stop the clock on the Statute of Limitations
• Describe the installment agreement balance the IRS is required to accept
• Recognize the various fees for an Installment Agreement
• Identify legitimate reasons for requesting audit reconsideration
• Recognize the maximum tax liability an individual can have and still get an online Installment Agreement
• Identify legitimate reasons to abate a penalty
• Recognize when the IRS will automatically accept your request for an Installment Agreement
• Describe which forms to use when filing an Offer in Compromise: Doubt as to Collectibility
• Identify what the IRS does not look at when considering a request for Currently Non-Collectible status
• Recognize which Form is the Tax Information Authorization Form
• Identify acceptable "reasonable cause" arguments for penalty abatement
• Recognize the lookback period applicable to dissipation of assets, regarding qualifying for an OIC
• Identify the maximum number of months that a short-term periodic payment offer for an offer in compromise can be

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
IRS Practice Series: Overview of Collection Issues (or equivalent knowledge)

Advance Preparation
None