Broomfield, CO, March 01, 2013 --(PR.com
)-- A small business owner in Salina, Kansas is breathing a huge sigh of relief thanks to the hard work of the 20/20 Tax Resolution team. Struggling with a business tax liability of roughly $42,000 and a personal income tax liability of over $25,000, the business owner looked to the professionals at 20/20 Tax Resolution for help. Enrolled agent Lance Snodgrass was able to negotiate a partial payment agreement for the business and a Currently Not Collectable status on the business owner’s personal income tax liability.
When the business owner first came to 20/20 Tax Resolution, the IRS Revenue Officer assigned to the case was attempting to seize the business’s vehicles. After much persuasion, Lance was able to convince the Revenue Officer that there was no benefit in seizing the vehicles because the business had no equity in them. Once the 20/20 Tax Resolution team was able to persuade the Revenue Officer to cease aggressive collection actions it focused its efforts on bringing the business owner back into compliance.
With approximately $42,000 in delinquent quarterly taxes, the small business needed a way to relieve the pressure of mounting tax debt, interest and penalties while beginning to pay off the tax debt. 20/20 Tax Resolution worked with the IRS and negotiated a partial payment agreement for the business. A partial payment agreement allows the taxpayer to make regular monthly payments to the IRS; however, the payments do not pay off the tax debt in full. After the terms of the installment agreement are fulfilled, the remainder of the tax debt is forgiven. Thanks to the partial payment agreement, the business was able to make payments of only $50 per month, saving more than $36,000 over the collection life of the debt.
Once the business’s tax debt issues were resolved, the 20/20 Tax Resolution team was able to settle the business owner’s personal tax debt issues by securing a currently not collectable status on nearly $25,000 of back income tax debt. A currently not collectable status means the tax payer is currently unable to pay their tax debt. Although the tax debt is still owed - and interest and penalties will continue to be assessed against that debt - the IRS does not require any payments to be made on the debt and will not use enforced collection methods, such as levying your bank account or garnishing your wages.
Founded in 1998, 20/20 Tax Resolution is the market leader in tax resolution services for businesses and individuals nationwide. Over the past 15 years, 20/20 Tax Resolution’s Enrolled Agents and licensed tax professionals have developed compassionate solutions for over 15,000 clients looking for help with their tax issues. 20/20 Tax Resolution is a privately-held company located in Broomfield, CO. For more information on 20/20 Tax Resolution please call 1-800-880-7318 or visit http://www.2020taxdebthelp.com.