course

IRS Representation Series - Doing Offer-in-Compromise: How to Complete the Form 656 Application

(5)
4.6
New Course
2 Hours (On-Demand)
2.0 CPE  

This course is a premium+ course it can be accessed either by individual purchase or through a premium+ subscription

Purchase this course | $84

An Offer-in-Compromise (OIC) allows taxpayers to reach an agreement with the IRS to pay less than the total owed. You'll receive a detailed 6-step guide to requesting an OIC to achieve a reasonable settlement for your client.

This course will cover the following topics:

  • Understanding the Offers
  • Doubt as to Liability
  • Effective Tax Administration
  • Doubt as to Collectability
  • Influence/optimize the outcome
  • Strategies for Offers
  • Presenting the Offer
  • Setting Expectations
  • Plan for Appeals
Learning Objectives
  • Discover and understanding the Offers.
  • Explore effective Tax Administration.
  • Identify ow to influence/optimize the outcome.
  • Recognize the strategies for offers.
  • Identify how setting the expectations.
Last updated/reviewed: March 9, 2024

Included In Certifications

This course is included in the following Certification Programs:

10 CoursesTax Resolution Specialist Certification

  1. IRS Representation Series - Foolproof Tips to Release IRS Levies on Paychecks or Bank Accounts
  2. IRS Representation Series - Getting Organized to Resolve Collection Issues
  3. IRS Representation Series - Doing Offer-in-Compromise: How to Complete the Form 656 Application
  4. IRS Representation Series - Tips and Tricks for the 433s Needed to Secure an Offer in Compromise
  5. IRS Representation Series - Winning the 1040 Audit
  6. IRS Representation Series - Steps to Take After SUCCESSFUL Collections or Audits
  7. IRS Representation Series - When Collections and Audits Fail
  8. IRS Representation Series - Reducing IRS Assessments for Interest & Penalties
  9. IRS Representation Series - Conflicts of Interest
  10. IRS Representation Series - Circular 230 Ethics and Updates
2 Reviews (5 ratings)

Reviews

5
Member's Profile
Very helpful and informative for tax resolution beginner or veteran. Will recommend the course.
5
Member's Profile
Great course, nicely laid out, very detailed and presented well
Prerequisites
Course Complexity: Advanced
No advanced preparation or prerequisites are required for this course.
Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to Doing Offer-in-Compromise: How to Complete the Form 656 Application2:16
  OIC Overview19:57
  Understanding the Offers9:36
  Doubt as to Liability and Form 656 L17:48
  Application Checklist and Effective Tax Administration13:32
  Doubt as to Collectability11:18
  Strategies for Offer13:57
  Making The OIC Installment Payments and Presenting the Offer12:53
CASE STUDY
  Case Study Part 112:37
  Case Study Part 212:10
  Case Study Part 315:22
CONCLUSION
  Setting Client Expectations and Preparing for Appeals3:04
  Summary and Closing Comments5:14
CONTINUOUS PLAY
  Doing Offer-in-Compromise: How to Complete the Form 656 Application2:29:44
SUPPORTING MATERIAL
  Slides: IRS Representation Series - Doing Offer-in-Compromise: How to Complete the Form 656 ApplicationPDF
  IRS Representation Series - Doing Offer-in-Compromise: How to Complete the Form 656 Application Glossary/ IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam