An Overview of Offers in Compromise

Exam Questions: 20
Course Level: Basic
Pages: 140 | Content: 106, Supplemental: 34
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 6800D

There are a variety of mechanisms in place for taxpayers to resolve tax disputes with the IRS. This course focuses on the most common way taxpayers can attempt to reduce their tax debts, the Offer in Compromise (OIC). The course will evaluate the bases upon which an OIC can be made, how the IRS calculates the amount of money it will receive, completing the formal application process, and post-approval actions. PLEASE NOTE: This course material is a component of #7175: Tax Debt Relief and the IRS, therefore we recommend that you should not take that course in the same CPE reporting period. All course material provided. No prerequisites. Course level: Basic.

EA Program Approval Number: ZX34G-T-00307-19-S

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Course Information

Table of Contents
  • Introduction to Settling with the IRS
  • Grounds for Seeking an Offer in Compromise
  • Applying for an Offer in Compromise
  • Rejecting Offers in Compromise
  • Financial Analysis of Offers in Compromise
  • To recognize the impact of the "Fresh Start" initiative
  • To identify different methods the IRS can use to settle claims
  • To recognize steps in the process of applying for an Offer in Compromise
  • To identify how long a taxpayer has to appeal an Offer in Compromise
  • To recognize some of the factors the IRS considers in determining the amount the taxpayer should be able to pay under a Doubt as to Collectability Offer in Compromise

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.