20/20 Tax Resolution Saves Retiree Millions

LAS VEGAS, June 10, 2013 /PRNewswire/ -- A client in Las Vegas, Nevada was looking at trying to pay off a tax debt of more than $665,000 while on a fixed income. With the help of 20/20 Tax Resolution he was able to reduce that tax liability to only $4,673 and get himself back into compliance with the IRS.

When the client first contacted 20/20 Tax Resolutions, he was facing a tax debt of over $665,000. In addition, he was preparing to begin drawing social security, which would greatly impact his income. Realizing he would never be able to pay off his tax debt on a fixed income, he turned to the tax experts at 20/20 Tax Resolution for help. The 20/20 Tax Resolution team immediately reviewed the client's situation and determined the best strategy to address the tax debt and bring the client back into compliance with the IRS. Given the client's history and situation, the 20/20 team concluded that the client was an ideal candidate for an Offer in Compromise (OIC) which would allow the client to satisfy the tax debt for a fraction of the amount owed. After making sure the client was aware of the terms and conditions he needed to follow in order to qualify for and maintain an OIC the team began negotiations with the IRS.

The 20/20 team began by protecting their client's assets, holding off IRS collections while they attempted to negotiate an OIC. During the negotiation process however, the IRS issued a notice of determination. This notice gave the client 30 days to address the tax debt before the IRS would resume aggressive collections on the debt. The 20/20 Tax Resolution team was able to hold collections on the tax debt long enough for the client to begin drawing social security and for the OIC to be accepted by the IRS.

Thanks to the knowledge, expertise and hard work of the 20/20 Tax Resolutions team the client was able to avoid aggressive collections while on a fixed income. In addition, because the 20/20 Tax Resolutions team was able to negotiate an OIC instead of and installment agreement the client saved more than $1.2 million in tax debt, penalties, and interest over the collection lifetime of the debt.

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.

Contact:
Marissa Loken
11800 Ridge Parkway, Suite #400
Broomfield Colorado, 80021
800-880-7318
http://2020taxdebthelp.com

SOURCE 20/20 Tax Resolution