What Constitutes “Gross Monthly Income” for OIC Purposes
Wednesday, Oct 2nd | 1:00-3:00pm Eastern
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Course Description
The submission of an “Offer-in-Compromise” (OIC) mandates that taxpayers disclose & document either all “monthly household income” or “monthly business income & receipts” based upon the type OIC being submitted to the Internal Revenue Service (IRS) for review & consideration. However, based upon my personal experience and based upon my discussion with various other tax practitioners, the calculation or determination of “what constitutes gross monthly income for OIC purposes” varies significantly based upon the decisions & responses issued by IRS Offer Specialist and Offer Examiners.
This presentation is designed to discuss, explore, explain and demonstrate “how to calculate gross income for OIC purposes” by disclosing the applicable legal guidelines & appropriate administrative procedures related to what constitutes “income” for OIC purposes and furthermore, what does not constitute income for OIC purposes. Subsequent to the presentation of this course you will understand:
- How to “identify” and classify disclosable income for OIC purposes
- How to calculate identifiable income for OIC purposes
- How to justify or substantiate your OIC income position
- How to respond to an OS or OE regarding a “disputable” income issue
- How to challenge an inappropriate OS or OE decision related to OIC income
- How to incorporate legal authority in your response to enhance your OIC income position
This presentation will also include “hands-on” interactive demonstrations of various OIC income calculations & descriptions of “what-is”, “what-is not” & “what shouldn’t be” OIC Income. This topic will be presented by LG Brooks, EA, CTRS & Angelene Wierzbic, EA, CTRS and will include actual arguments, defenses related to the challenges raised by Brooks & Wierzbic related to this topic.
Participants will earn: 2.0 CPE/CE credit
Field of Study: Taxation
Price: FREE
LG Brooks, EA, CTRS
LG is the Senior Tax Resolution Consultant at Lawler and Witkowski CPA’s. LG has been in the field of taxation for more than 30 years and has been in practice full time since 1990. LG has represented and consulted on thousands of cases and he specializes in resolving high dollar, complex, tax problems all over the country. LG received a Bachelor of Arts degree from Bishop College at Dallas, Texas in 1977.
Additional Information:
Prerequisites: None
Who Should Attend: Any tax professional that wants to better understand how to represent troubled taxpayers.
Advance preparation: None
Program level: Intermediate – Attendees should possess the knowledge common to CPAs, EAs, and Attorneys.
Delivery Method: Group Live
For more information regarding program concerns, or cancellation
policies, please contact our offices at (716) 630-1650 or send an email to info@astps.org.
The American Society of Tax Problem Solvers is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.
The American Society of Tax Problem Solvers (ASTPS) is an approved continuing education provider through the IRS.