OIC Scholar Certificate Exam – 650 Questions
Offer in Compromise Scholar Certificate Exam – 650 Questions. So, do you have what it takes to pass the 650-question exam and earn the Offer in Compromise Scholar certificate from National Offer in Compromise Academy? Start down the path toward being recognized by your peers and prospective clients as a…
Intro 101: Welcome to National OIC Academy
Welcome to the National Offer in Compromise Academy. Who Should Take These Courses? https://youtu.be/GLpJ7IM2jTg Tax professionals across the nation are adding an Offer in Compromise (OIC) practice area to their list of services to attract new clients, more fully serve the needs of their existing clients, and increase their profits. …
Intro 102: Statutes, Regulations, Courts & IRM
Statutes, Regulations, Courts & Internal Revenue Manual. Key to understanding tax solutions to IRS back-taxes is an understanding of the interplay between federal statutes, IRS regulations, court rulings, internal revenue manual, revenue rulings, revenue procedures, IRS announcements, and IRS Notices. This course separately examines each source of tax law. https://youtu.be/hoczX0oVBzI
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 104: Payment Issues with an OIC
Payment Issues with an Offer in Compromise. The Offer in Compromise application must be accompanied by two separate payments: a $205 application fee, and a down-payment of either a Lump-Sum Payment Offer payment or a Periodic Payment Offer payment. As discussed below, two exceptions are made for the payment rule:…
IA 101: Routine Installment Agreements
Routine Installment Agreements. The Federal government raises money to fund governmental operations through tax revenues collected by the IRS. Taxpayers are required to voluntarily comply with the Tax Code, including filing returns and paying taxes. The IRS wants full payment of the tax liability ASAP. The IRS encourages taxpayers to pay…
Intro 101: Welcome to National OIC Academy
Welcome to the National Offer in Compromise Academy. Who Should Take These Courses? https://youtu.be/GLpJ7IM2jTg Tax professionals across the nation are adding an Offer in Compromise (OIC) practice area to their list of services to attract new clients, more fully serve the needs of their existing clients, and increase their profits. …
ISR 101: 3 Types of Relief from Joint and Several Liability
Three Types of Relief from Joint and Several Liability. Many married taxpayers choose to file a joint tax return because of benefits this filing status affords them but ignore the detriments. When filing jointly, both taxpayers are jointly and severally liable for the tax and any additions to tax, interest, and penalties…
POA 101: Power of Attorney
Power of Attorney — Form 2848. This course focuses on Form 2848, Power of Attorney and Declaration of Representation. A power of attorney is the taxpayer’s written authorization for an individual (called a “representative”) to receive the taxpayer’s confidential tax information from the IRS. It also authorizes the representative to…
Intro 101: Welcome to National OIC Academy
Welcome to the National Offer in Compromise Academy. Who Should Take These Courses? https://youtu.be/GLpJ7IM2jTg Tax professionals across the nation are adding an Offer in Compromise (OIC) practice area to their list of services to attract new clients, more fully serve the needs of their existing clients, and increase their profits. …
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…
POA 102: Third-Party Authorization
Tax Information Authorization Using IRS Form 8821. Form 8821, Tax Information Authorization, is a commonly used third-party authorization tool. This chapter focuses on Form 8821, Tax Information Authorization. Form 8821 is used by a taxpayer wanting to authorize an individual or organization (called an “appointee”) to request and inspect the…
ISR 106: Premature & Untimely Claims
Premature and Untimely Claims. A Requesting Spouse electing Innocent Spouse Relief and/or Separation of Liability Relief or requesting Equitable Relief must be cognizant of the window of opportunity. Elections and requests can neither be made prematurely nor untimely. Premature claims are discussed first, followed by a discussion of what constitutes…
ISR 111: Refund Claims
Refund Claims Made by an Innocent Spouse. The Requesting Spouse seeking relief from joint and several liability must be able to distinguish between civil claims for tax refunds and civil actions for tax refunds. Civil claims for tax refund are made administratively with the IRS utilizing IRS Form 8857. Civil…
POA 101: Power of Attorney
Power of Attorney — Form 2848. This course focuses on Form 2848, Power of Attorney and Declaration of Representation. A power of attorney is the taxpayer’s written authorization for an individual (called a “representative”) to receive the taxpayer’s confidential tax information from the IRS. It also authorizes the representative to…
ISR 104: Equitable Relief
Equitable Tax Relief. Congress has authorized “Equitable Relief” for qualifying spouses to relieve them from certain joint and several tax liability related to a tax deficiency and/or underpayment. 26 U.S.C. § 6015(f). Equitable Relief also applies to penalties and interest when relief is granted for the underlying item. IRM § 25.15.12.20.3(5)…
ISR 108: Participation by Non-Requesting Spouse
Non-Requesting Spouse’s Participation. Conflict between the Requesting Spouse and the Non-Requesting Spouse is almost inevitable. Afterall, the Requesting Spouse is attempting to shift the joint and several tax burden onto the sole shoulders of the Non-Requesting Spouse. This burden shift request can make the Requesting Spouse unpopular in the eyes of…