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Hello - and thanks for reading! I am a CPA who has been on the tax side for 25 years and I am new to the tax resolution area. I have a couple of clients who, knowing that I have not done this before, have asked me to assist them anyway.
First question - the Canopy software says that the client does not qualify for OIC due to equity in assets, however they do qualify as Currently Not Collectible. Is there a separate form to fill out for this? Or do we send in the OIC form 433-A, and when they see that their expenses exceed their income, the IRS will consider it not collectible?
Second questions - new client that i am about to start the process owes over $100,000 going back to 2013. He is curious if he should make payments now or if he should not and wait to see what happens with the OIC. Anyone have a suggestion on that. I think that he was considering paying $50/week or something.
Sorry for the questions - i just want to guide my clients in the best way possible.