Effectively Using the IRS Offer in Compromise Program
Jim Buttonow Overview:
The course provides attendees with an overview of IRS collection and a deep dive into how to settle back taxes with the IRS Offer in Compromise Program. The course provides when the OIC is the best option and when to use another IRS collection solution to resolve back taxes owed. The course goes through the 4-step process to qualify, submit, investigate, and finalize an OIC with the IRS. Best practices in utilizing the OIC program and other IRS collection alternatives are also covered.
Why you should Attend:
24 million taxpayers currently owe the IRS and only 17% are in an agreement to pay. The other 83% face IRS liens, levies, and passport restrictions. As the IRS ramps up its collection enforcement efforts, more taxpayers and their tax professionals will want to explore the IRS Offer in Compromise program as a permanent solution to their tax debt problem.
Areas Covered in the Session:
- IRS Tax Debtors and Enforcement
- 4 IRS Options to Resolve Tax Debt
- When to Consider an Offer in Compromise
- The 4-step Offer in Compromise Process
- Determining Ability to Pay
- IRS OIC Application
- Finalizing an OIC
- Best Practices with an OIC
Who Will Benefit:
- CPA's
- Enrolled Agents
- Tax Preparers
- Tax Staff
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 and has developed and implemented post-filing tax services to large tax providers, such as H&R Block and Jackson Hewitt. This software is currently being used by tens of 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.
Jim currently authors CCH’s Tax Problems and Solutions Handbook, a publication aimed at helping tax pros work more effectively in post-filing matters and resolving their clients’ most common tax problems. Jim can be reached at Jim@buttonowcpa.com or at his website at buttonowcpa.com.