Course Description:

This comprehensive course provides tax professionals with an in-depth understanding of Offers in Compromise (OIC) and Installment Agreements, two critical tools for taxpayers seeking relief from tax liabilities. Participants will learn about the qualifications, application procedures, payment options, and potential pitfalls associated with these programs. The IRS-approved course will also cover recent legal cases, IRS policies, and practical strategies to successfully negotiate and secure favorable resolutions for clients.

Learning Objectives:
By the end of this course, participants will be able to:

1. Understand the Fundamentals of an Offer in Compromise (OIC)

   • Define an Offer in Compromise and explain its purpose.
   • Identify the three primary reasons an OIC may be granted: doubt as to liability, doubt as to collectability, and effective tax administration.
   • Describe the qualifications a taxpayer must meet before applying for an OIC.

2. Navigate the OIC Application Process

   • Explain the importance of Reasonable Collection Potential (RCP) in determining an acceptable offer.
   • Identify the necessary forms and documentation required for submitting an OIC.
   • Differentiate between an OIC based on doubt as to liability and doubt as to collectability.

3. Evaluate Payment Options and Compliance Requirements

   • Compare lump sum cash offers and periodic payment plans.
   • Explain the consequences of defaulting on an OIC agreement.
   • Understand the IRS's right to keep tax refunds and other payments as part of the agreement.

4. Analyze Installment Agreements as an Alternative to an OIC

   • Define an installment agreement and identify its different types, including streamlined, in-business trust fund, guaranteed, and partial payment agreements.
   • Explain the eligibility requirements and application process for each type of installment agreement.
   • Discuss the advantages and disadvantages of installment agreements compared to an OIC.

5. Recognize Key Legal Precedents and Common Challenges

   • Review notable court cases such as Potts v. Comm’r and Batra v. Comm’r and their implications for taxpayers.
   • Identify common reasons for rejection or return of OIC applications and strategies to address them.
   • Understand IRS collection actions, including liens, levies, and the process for suspending collection activities.

6. Apply Best Practices for Taxpayer Representation and Negotiation

   • Determine when an OIC or installment agreement is the best option for a taxpayer.
   • Develop strategies to successfully negotiate with the IRS on behalf of clients.
   • Ensure compliance with post-OIC requirements to prevent default and further tax issues.

This course qualifies for 2 hours of IRS CE credit under the category of Federal Tax Law Related Matters.

About the presenter:

Roman Basi is the current President of The Center for Financial, Legal & Tax Planning, Inc.  Roman is an Attorney, a CPA, Managing Real Estate Broker, Title Insurance Agent and an instrument rated private pilot.  Roman is also one of the Tax Course Instructors for the Internal Revenue Service’s Annual Filing Season Program for Tax Return Preparers throughout the United States.  Roman is admitted to practice in Illinois, Florida, Arizona, Missouri, Federal District Court of Illinois Southern District, the United State Court of Appeals for the 7^th Circuit, and Roman is also admitted to practice in the United States Supreme Court being sworn into the highest court in the summer of 2015 in front of all nine Supreme Court justices.