In general, the IRS has 10 years to collect outstanding tax liabilities from taxpayers. Since the IRS has a limited amount of time to collect such liabilities, the IRS may aggressively seek to collect such debts by obtaining future refunds to apply against the past-due debt, filing a Notice of Federal Tax Lien, and even seizing a taxpayer’s assets. Once in collections, however, all hope is not lost as a taxpayer has several options in case the taxpayer cannot pay their tax debt in full, or if paying it all will create a financial hardship for them. Those options include working with the IRS to establish an offer in compromise, placing the taxpayer’s account in currently not collectible status, or entering into an installment agreement. This presentation will review those options and provide guidance on how to reach an agreement with the IRS where the taxpayer agrees to pay less than full amount of the delinquent account in full satisfaction of the amount.
Event Details
Monday, October 26, 2020
Livestream Webcast
CLE Credit
CLE (WA) Credit: Pending Approval
IRS CE-T (Tax Matters): 14 hours
IRS CE-U (Tax Update): 2 hours
Speakers
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