CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS
Self-Study

IRS Collections & Installment Agreements

2 Credits: Taxes

$58.00$78.00

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IRS Collections & Installment Agreements

Format
Self-Study
Course Level
Overview
CPE Credits

2 Credits: Taxes

Course Description

Although, the IRS suspended the automatic mailing of collection notices routinely sent when a taxpayer owes federal tax on February 5, 2022 to give the IRS an opportunity to clear its processing backlogs, use of such automatic mailings is likely to recur and, meanwhile, other IRS delinquent collection activities continue unabated. Statistics for fiscal year 2021, show the IRS ending inventory with a balance of assessed tax, penalties and interest exceeding $133.4 trillion, enforcement activity involving more than 500,000 taxpayers, and 3.8 million taxpayers paying tax liabilities under installment agreements. With IRS collection clearly continuing and likely to ramp up in the future, chances that any tax professional will need to be conversant with IRS collection activities and the methods available to challenge them is increasing. It is to that end this course addressing IRS collections is addressed.

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Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • List the rights granted taxpayers in the Taxpayer Bill of Rights;
  • Identify the maximum period of time in which the IRS may collect taxes due from a taxpayer;
  •  Describe the IRS tax collection process;
  • Recognize the tax payment alternatives available to a taxpayer;
  • Describe a taxpayer’s right to challenge an IRS decision.

Chapter 2

  • Identify the types of IRS decisions taxpayers may challenge in Collection Due Process (CDP) and Collection Appeals Program (CAP) hearings;
  • Describe the period of time taxpayers have to request a CDP or CAP hearing;
  • Recognize the notification requirements the IRS must meet before seizing taxpayer property to satisfy a tax liability;
  • List the venues in which an Office of Appeals hearing may take place;
  • Describe the objectives of Fast Track Mediation.
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Course Specifics

Course ID
822294855
Revision Date
January 9, 2024
Prerequisites

There are no prerequisites.

Advanced Preparation

None

Number of Pages
58

Compliance Information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02054-22-S
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1790
CTEC Federal Tax Law Credits: 2

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone toll-free at (877) 850-2832, or on the Internet at www.ctec.org.

Meet The Experts

Paul J. Winn

Paul J. Winn CLU ChFC is a writer with more than 30 years experience in the life insurance and securities industry as an agent/registered representative, an agency head, a marketing vice president for a life insurance company and the president of a corporate registered investment adviser. He was a long serving member of the advisory board to the New York State insurance department. He is a published book author and creator of more than 200 taxation, insurance and securities training courses.