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with Tanya Baber

Offer in Compromise Basics

Learning Objectives:

  • Understand the pros and cons of the Offer in Compromise program
  • Learn about the three types of offers
  • Understand the two payment options for a client when submitting an offer
  • Discover what the RCP is and how it affects an OIC
  • Review IRS rules for processing offer applications
  • Learn some helpful tips for writing better offers

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Course Overview

Course Details
  • Level: Beginner
  • Cost: Free
  • Field of Study: Taxes
  • Advanced Prep: None
  • Credit Type: CE & CPE
  • Credit Hours: 1
Course Description

Sometimes, tax payers can’t pay their full tax debt or may face financial hardship by doing so. And often, people in these situations will turn to a tax professional for guidance. In certain cases, the IRS Offer in Compromise (OIC) program may be a good option.This IRS-administered program is also worth considering by those looking for debt forgiveness outside of bankruptcy. 

 

However, the IRS is only inclined to enter into an OIC agreement with those who can prove they are eligible for the program, so submitting an offer isn’t enough to guarantee its acceptance.

THE TRUTH: The acceptance rate of Offers in Compromise has always been less than 50%.

CTA: Increase your chances of acceptance with the Offer in Compromise Basic Course

 

This Offer in Compromise Basic Course will help you provide valuable guidance and make an offer that serves the best interest of both the agency and the taxpayer. We will cover the IRS’ process for Offer in Compromise, as well as: 

  • The pros and cons of the program so tax professionals can properly evaluate whether their clients are a good fit. 
  • IRS Offer in Compromise tips. 
  • Qualifying standards of the program. The eligibility criteria are quite strict, with the IRS considering taxpayers’ unique set of facts and circumstances. 
  •  How to submit an Offer in Compromise

If everything goes well, clients can effectively eliminate thousands of dollars in debt and get a fresh start with an Offer in Compromise. Understanding what the IRS takes into account and how to submit an appealing offer is critical to helping taxpayers settle their tax bills.

 

Sign up for Canopy’s Offer in Compromise course today and be better equipped to help your clients.

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