Showing 1-12 of 30 results
Intro 103: Understanding the IRS Collection Process
Understanding the IRS Collection Process. https://youtu.be/qn3hMR9pjOk This course provides a brief overview of the IRS collection process. It does not provide strategies or exceptions to the rule. Later courses provide a greater explanation of these issues. The collection process starts after a taxpayer files a tax return without full payment…
OIC 101: IRS Authority to Eliminate Back-Taxes
IRS’ Authority, Motivation & Basis to Eliminate Back-Taxes. https://youtu.be/rwKeaiLO9xY An Offer in Compromise is an agreement between a taxpayer and the IRS that settles a tax liability for payment of less than the full amount owed. IRM § 5.8.1.2.1 (09-23-2008); Adamowicz v. US, 08-888C, Pg. 5 (D.C. Ct. Fed. Cl. 11/21/2011). …
OIC 102: Overview of the OIC Application Process
Overview of the Offer in Compromise Application Process. https://youtu.be/2FIA2Rv94cY This course focuses on a taxpayer’s ability to eliminate past-due federal income tax liability by establishing a repayment plan through the IRS “Offer in Compromise” program, which is commonly known as the “Fresh Start Initiative.” An overview is presented to help navigate…
OIC 103: Who Submits the OIC Application?
Who is the Proper Party to Submit the OIC Application? https://youtu.be/sW6KfFiK8wo Before filing a formal Offer in Compromise application, a taxpayer may request a meeting in the IRS office which would have jurisdiction over the offer to explore the possibility of compromising unpaid tax liability. 26 C.F.R. § 601.203(d). The Offer…
OIC 105: Is the OIC Offer “Processable?” – Part 1
Is the OIC Offer Submitted “Processable?” – Part 1. https://youtu.be/RGivexRiG_0 The IRS receives the taxpayer’s offer. The first step it takes is to determine if the submitted offer is “processable.” This issue is divided into two separate courses. Part 1 addresses issue relating to the taxpayer’s ability to fully pay…
OIC 106: Is the OIC Offer “Processable?” – Part 2
Is the OIC Offer Submitted “Processable?” – Part 2. https://youtu.be/RGivexRiG_0 The IRS receives the taxpayer’s offer. The first step it takes is to determine if the submitted offer is “processable.” This issue is divided into two separate courses. Part 1 addresses issue relating to the taxpayer’s ability to fully pay…
OIC 107: Offer Amount Formula
Offer in Compromise Offer Amount Formula. https://youtu.be/U4zEn2bHWC0 The three types of Offer in Compromise are as follows: (a) compromise based on “doubt as to collectibility”; (b) compromise based on “doubt as to liability”; and (c) compromise that promotes effective tax administration. 26 C.F.R. § 301.7122-1(b); Johnson v. Commission of Internal…
OIC 108: Asset Valuation for RCP – Part 1
Asset Component of RCP Formulas – Part 1. https://youtu.be/j2pMb1-OM-4 This Course focuses on Part 1 of the “asset” component of the RCP formulas or “,” including identifying and valuing the taxpayer’s assets. The “asset” component of the RCP formulas represents the realizable net equity in the taxpayer’s assets. The realizable…
OIC 109: Asset Valuation for RCP – Part 2
Asset Component of RCP Formulas – Part 2. https://youtu.be/j2pMb1-OM-4 This Course focuses on Part 2 of the “asset” component of the RCP formulas or “,” including identifying and valuing the taxpayer’s assets. The “asset” component of the RCP formulas represents the realizable net equity in the taxpayer’s assets. The realizable…
OIC 110: Income Calculation for RCP
Income Component of RCP Formulas. https://youtu.be/DV9QOoOxaAQ This course focuses on the “gross monthly income” component of the “Future Income” calculation for the RCP formulas. This focus includes identifying and valuing all sources of income. Gross monthly income is defined as all income from whatever source derived, including (but not limited…
OIC 111: Expense Calculation for RCP, Part 1
Expense Component of RCP Formulas – Part 1. https://youtu.be/OJCnBlwUdu8 This course focuses on Part 1 of the “allowable monthly expenses” component of the “Future Income” calculation for the RCP formulas. The allowable monthly expense analysis determines the “allowability” of a taxpayer’s monthly expenses. The next course, Part 2, focuses on…
OIC 112: Expense Calculation for RCP, Part 2
Expense Component of RCP Formulas – Part 2. https://youtu.be/OJCnBlwUdu8 This course focuses on Part 2 of the “allowable monthly expenses” component of the “Future Income” calculation for the RCP formulas. The allowable monthly expense analysis determines the “allowability” of a taxpayer’s monthly expenses. The prior course, Part 1, focused on…