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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:…
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…