Taxpayer Financial Situation, Bankruptcy, and Collection Financial Standards
Free IRS Enrolled Agent SEE Part 3 (Representation, Practices and Procedures) lesson in Representation Before the IRS. 17 min read, ~2,587 words.
Three collection alternatives: Installment Agreement (pay over time), Offer in Compromise (settle for less), Currently Not Collectible (suspend collection), chosen by RCP and cash flow. Streamlined IA caps at $50,000 assessed balance for individuals, with 72-month or CSED terms and no full financial disclosure. OIC RCP formula: net realizable equity...
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What this lesson covers
- Content
- Example 1
- Example 2
- Common Mistakes
- Check Your Understanding
- Exam Shortcuts
Learning objectives
- 3
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