IRS Collection Trends and the 4 Alternatives When Your Clients Owe Back Taxes :-

Statistics show that over 36 million individual taxpayers file a tax return with an unpaid balance due. Unfortunately, some are our clients who fall on hard times and cannot fully pay their tax obligations. Fortunately, there are options when they cannot full pay their liability. In this course, join Jim Buttonow as he explores the six IRS alternatives when your client cannot fully pay their liability, the IRS collection alternatives. This course will examine the rules and requirements for installment agreements, extensions to pay, and payment deferrals (namely, currently not collectible status). We also give you the fundamental knowledge to answer your client’s question on whether they can “settle their tax bill’ for less than the amount owed (i.e. the IRS offer in compromise qualification rules). At the end of the course, you will have the basic knowledge to identify what alternative is best and be able to execute that alternative in the most efficient and effective manner for your client.

Topics Covered

• Current trends in taxpayers who owe and cannot pay the IRS- including taxpayers who are facing collection enforcement
• IRS collection enforcement options, including liens, levies, and passport restrictions
• The simple and complex IRS collection alternatives, and the most common alternatives selected by taxpayers
• The terms, conditions, and how to obtain the simple IRS collection alternatives: the extension to pay, the streamlined installment agreement, and the non-streamlined installment agreement
• The terms, conditions, and how to obtain the complex IRS collection alternatives: the ability to pay installment agreement, currently not collectible status, and the offer in compromise
• The types of offer in compromise options and how to determine if a taxpayer qualifies and can pay an offer in compromise settlement
• Tips and best practices in dealing with the IRS to obtain a collection alternative

Learning Objectives:

• Understand the latest IRS collection enforcement activity
• Current trends in taxpayers who owe and cannot pay the IRS- including taxpayers who are facing collection enforcement
• IRS collection enforcement options, including liens, levies, and passport restrictions
• The simple and complex IRS collection alternatives, and the most common alternatives selected by taxpayers
• The terms, conditions, and how to obtain the simple IRS collection alternatives: the extension to pay, the streamlined installment agreement, and the non-streamlined installment agreement
• The terms, conditions, and how to obtain the complex IRS collection alternatives: the ability to pay installment agreement, currently not collectible status, and the offer in compromise
• The types of offer in compromise options and how to determine if a taxpayer qualifies and can pay an offer in compromise settlement
• Tips and best practices in dealing with the IRS to obtain a collection alternative
  
  

Who Should Attend?

• CPA
  
• Enrolled Agents (EAs)
• Tax Professionals
• Attorneys
• Other Tax Preparers
• Finance professionals
  
• Financial planners

Credits and Other information:

• Recommended CPE credit – 2.0
  
• Recommended field of study – Taxes
• Session Prerequisites and preparation: None
• Session learning level: Basic
• Location: Virtual/Online
• Delivery method: Group Internet Based
• Attendance Requirement:  Yes
• Session Duration: 2 Hours
• Case Studies and Live Q&A session with speaker
  
• PowerPoint presentation for reference

Speaker Profile:

Jim Buttonow, CPA, CITP, has been a leader in helping taxpayers and tax professionals resolve tax problems with the IRS.

For 19 years, Jim worked at the IRS in various compliance enforcement positions. Since 2006, Jim has been in private practice and tax and accounting software development. Jim consulting practice focuses on the areas of tax controversy and tax administration. Jim led product development and marketing for a successful software company that developed tax problem software for tax professionals. This software is currently being used by thousands of tax professionals and businesses in the United States.

Jim has been an IRS partner in improving IRS operations and post-filing service to taxpayers. Jim served as chairperson of the IRS Electronic Tax Administration Advisory Committee (ETAAC) in 2015 and 2016 during which ETAAC played a central role in promoting the IRS digital strategy to develop transformative technology solutions to systemic challenges in tax administration. Jim also served as the North Carolina representative on the IRS’ Taxpayer Advocacy Panel (TAP) from 2020-2022.

Jim regularly speaks on areas of tax administration and problem solving to national associations and has testified before Congress in areas of tax administration. He has also published many articles in industry publications. In his articles, Jim focuses on delivering practical insights, advocating for IRS transparency and efficiency, and proposing innovative large-scale solutions for taxpayers and tax professionals.