Showing 49-60 of 101 results
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…
OIC 109: Asset Valuation for RCP – Part 2
Asset Component of RCP Formulas – Part 2. https://youtu.be/j2pMb1-OM-4 This Course focuses on Part 2 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…
OIC 110: Income Calculation for RCP
Income Component of RCP Formulas. https://youtu.be/DV9QOoOxaAQ This course focuses on the “gross monthly income” component of the “Future Income” calculation for the RCP formulas. This focus includes identifying and valuing all sources of income. Gross monthly income is defined as all income from whatever source derived, including (but not limited…
OIC 111: Expense Calculation for RCP, Part 1
Expense Component of RCP Formulas – Part 1. https://youtu.be/OJCnBlwUdu8 This course focuses on Part 1 of the “allowable monthly expenses” component of the “Future Income” calculation for the RCP formulas. The allowable monthly expense analysis determines the “allowability” of a taxpayer’s monthly expenses. The next course, Part 2, focuses on…
OIC 112: Expense Calculation for RCP, Part 2
Expense Component of RCP Formulas – Part 2. https://youtu.be/OJCnBlwUdu8 This course focuses on Part 2 of the “allowable monthly expenses” component of the “Future Income” calculation for the RCP formulas. The allowable monthly expense analysis determines the “allowability” of a taxpayer’s monthly expenses. The prior course, Part 1, focused on…
OIC 113: Form 656, Offer in Compromise
Form 656, Offer in Compromise. 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) (Offer in Compromise) and 26…
OIC 114: Form 433-A (OIC): Collection Information Statement – Individuals
Form 433-A (OIC): Collection Information Statement for Wage Earners and Self-Employed Individuals. Form 433 must be included with the Offer in Compromise application packet when the grounds for compromise are based on doubt as to collectibility or effective tax administration. No Form 433 is required for an offer to compromise based…
OIC 115: Form 433-B (OIC): Collection Information Statement – Businesses
Form 433-B (OIC): Collection Information Statement for Businesses. Form 433-B (OIC), Collection Information Statement for Businesses must be included with certain Offer in Compromise application packets when the grounds for compromise are based on doubt as to collectibility or effective tax administration. No Form 433-B (OIC) is required for an…
OIC 116: Collateral Agreements
Collateral Agreements. Treasury regulation 26 C.F.R. § 301.7122-1(e)(2) states: “As additional consideration for the acceptance of an offer to compromise, the IRS may request that taxpayer enter into any collateral agreement or post any security which is deemed necessary for the protection of the interests of the United States.” 26…
OIC 117: Taxpayer’s Obligations During Offer Investigation
Taxpayer’s Obligations During Offer Investigation. The IRS spends many months investigating a “processable” Offer In Compromise application. So, a taxpayer must be patient while the offer is pending. Patience does not mean inaction. A taxpayer has obligations that must be satisfied during the IRS offer investigation. https://youtu.be/cUswCOppi4w