ACPEN: Navigating IRS Collections: Overview of Form 433 & Offer in Compromise

Overview

This two-hour course covers the IRS collection process, detailing each step from the initial notice to enforced collection actions and payment options. You'll gain a thorough understanding of how the IRS initiates collections, what taxpayers should expect as the process unfolds, and the various options for settling debts. We will review when Form 433-A or 433-B is required, and discuss the specific criteria for submitting an Offer in Compromise (OIC) to settle tax debt for less than the full amount owed. This session is designed to provide tax professionals with the tools to guide their clients through the IRS collection process, ensuring compliance and presenting the best possible payment solutions. We’ll also review key scenarios where Forms 433 and OIC are necessary, providing practical insight for resolving tax liabilities.  

*Please Note:  If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to terri.storer@acpen.com

Highlights

• IRS collection process overview 
• Initial notice and subsequent notices
• Enforced collection actions: liens, levies, and wage garnishments
• Payment options and alternatives to enforced actions
• Detailed review of Forms 433-A & 433-B
• Offer in Compromise (OIC) program: qualifications and process
• Advising clients on compliance and payment options 

Prerequisites

Basic knowledge of IRS procedures and tax collection 

Designed For

CPAs, EAs, tax professionals

Objectives

At the end of this course, you will be able to:

• Identify the stages of the IRS collection process, from initial notice to enforced collection actions. 
• Recognize when Forms 433-A or 433-B are required and the information necessary to complete them.
• Evaluate the criteria for submitting an Offer in Compromise (OIC) and the process involved.
• Explain the different payment options available to taxpayers facing IRS collections.
• Determine how to advise clients on navigating the collection process and minimizing potential penalties.

Preparation

None