Enrolled Agent Exam [Part 3] 63, Offers in Compromise

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The three grounds for an Offer in Compromise: Doubt as to Liability, Doubt as to Collectibility, and Effective Tax Administration. - The key forms required for an OIC application are Form 656, supported by financial statement Form 433-A (OIC) for individuals or 433-B (OIC) for businesses. - How the Reasonable Collection Potential (RCP) determines the minimum acceptable offer amount for Doubt as to Collectibility cases. - The critical low-income exception that waives the OIC application fee and initial payment for qualifying taxpayers. - The strict five-year compliance period following an accepted OIC, where any failure to file or pay on time defaults the entire agreement. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep