ANDERSON, S.C., June 21, 2013 /PRNewswire/ -- A small business in Anderson, South Carolina was able to stay in business, address its tax debt and bring itself back into compliance with the IRS due to the knowledge, expertise and hard work of the 20/20 Tax Resolution team.
After a number of years of incorrectly withholding payroll taxes and failing to file a few tax returns, a small business in South Carolina had accrued a tax debt of more than $60,000. Additionally, because the business was still in operation and on a very tight budget it appeared as though the business would never be able to extract itself from the tax debt. Wanting to pay off the tax debt and get back into compliance with the IRS the business contacted 20/20 Tax Resolution for help.
The 20/20 Tax Resolution team reviewed the case and the business's financial information and devised a strategy. Given the business's operating expenses in order for the business to remain open the 20/20 team needed to negotiate an installment agreement with the IRS. The installment agreement would allow the business to pay an agreed upon amount each month towards the tax debt. The 20/20 team began negotiating an installment agreement with the Revenue Officer assigned to the case immediately.
It was quickly apparent to the 20/20 team that the Revenue Officer wanted their client to pay a large monthly installment payment. Although the financial information provided by the client indicated that the business could not afford substantial monthly payments the Revenue Officer would not waiver. Only after the teams original installment agreement proposal was rejected, was it determined that the Revenue Officer had failed to consider the business's expenses when calculating the monthly payment the business could afford. The 20/20 team promptly provided the Revenue Officer with more detailed information regarding the business's expenses and after some negotiation the initial installment agreement offer was accepted.
With the help of the 20/20 Tax Resolutions team, the business was able to convert the original $60,000 tax debt into a much more affordable monthly payment of $150. Although penalties and interest will continue to accrue over the lifetime of the debt, the customer will save approximately $50,000 over the collection life of the tax debt. In addition, the business was able to file all of the missing tax returns and keep the business open.
For more than 15 years, 20/20 Tax Resolution and its staff of experienced agents and licensed tax professionals have put their extensive knowledge and expertise to work for individuals and businesses facing seemingly insurmountable tax debt. By providing caring and compassionate solutions for their clients, they have been able to resolve more than 15,000 tax debt issues and help bring their clients back into compliance with the IRS. 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.
11800 Ridge Parkway, Suite #400
Broomfield Colorado, 80021
SOURCE 20/20 Tax Resolution