Partial Payment Installment Agreement Brings Real Estate Business Back into Compliance
ANN ARBOR, Mich., Jan. 5, 2013 /PRNewswire/ -- A real estate business in Ann Arbor, Michigan was able to stop aggressive collection efforts, negotiate an affordable Partial Payment Installment Arrangement with the IRS, bring themselves back into compliance and save over $157,000 thanks to the hard work of 20/20 Tax Resolution.
Struggling to maintain current compliance with their real estate business the business owner had accrued several years of back taxes and was uncertain how to resolve their tax issues. The IRS Revenue Officer assigned to the case was aggressively issuing levies on their bank accounts and investments. The business owner contracted 20/20 Tax Resolution and enrolled Agent Tax Advisors Amanda and Rudy went to work immediately and were able to secure a hold on collection activity.
After agents Amanda and Rudy were able to get the IRS collection activities held they worked with the business owner in order to get them back into compliance. They began by setting the business owner up as a W-2 wage earner employee and made sure that the proper amount of withholding was being taken out of their paychecks to avoid ongoing accruals. Once this obstacle was overcome, the team then negotiated a Partial Payment Installment Agreement with the IRS. The business owner was able to make monthly installments of $420 on their tax liability of over $200,000, saving the business owner more than $157,000 over the collection life of the debt.
A Partial Payment Installment Agreement works much like a normal Installment Agreement. Both allow a taxpayer to make monthly payments on their tax debt. If the taxpayer doesn't default on the Installment Agreement, the IRS won't take action to collect the debt such as a tax lien or IRS levy action. In the case of a Partial Payment Installment Agreement however, the taxpayer makes regular monthly payments to the IRS, but 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 debts are forgiven.
A tax lien is a legal claim against an individual's or business' property. In the case of a levy the IRS actually seizes an individual's or business' property in order to satisfy the past-due taxes.
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.
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SOURCE 20/20 Tax Resolution