Solutions to IRS Liabilities

TAMPA, Fla., July 10, 2014 /PRNewswire-iReach/ -- "A leader is a dealer in hope," said Napoleon Bonaparte. When problems affect a company, finding solid help restores hope in finding a way back to stability. Leaders know that even a strong business can face an unexpected financial crisis. Should the company you established and grew become mired in money troubles, various options can be pursued.

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"Our sole focus is helping businesses stay in business," says Emerge180 CEO, Jonathan Field. "Our full service tax division offers several solutions to tax liabilities based on the financial condition of our client."

Tax Liability Outcomes

Offer In Compromise:  With this payment plan, sometimes referred to as "pennies on the dollar," your company offers to pay less than the full amount of your taxes.  The IRS considers several reasons for accepting this offer: 1) doubt as to liability; 2) doubt as to collectability; and 3) effective tax administration.  The acceptance of this requires Form 656 with a tremendous amount of backup information. However, when an Offer In Compromise is accepted, the IRS releases all liens and levies.

Installment Agreement:  This payment plan is normally setup with monthly installments and generally requires the full payment of the tax you owe.

Partial Pay Installment Agreement: Though similar to the Installment Agreement, this arrangement does not require that the full balance of taxes be repaid. It represents a blend of the Offer In Compromise and the Installment Agreement.  Once the payments are complete, the IRS forgives the remainder of the taxes owed.  A key factor  is to know the statute of limitations on the taxes owed as well as the Reasonable Collection Potential.

Levy Release:  Often times, the IRS or state agency will levy a taxpayer's accounts or property to serve as payment towards a tax debt.  While a Levy Release gets the levy removed, it requires quick action on the part of a tax professional.  The IRS has the legal authority to levy wages, bank accounts, property, retirement accounts, social security, and those of your spouse and children.  A tax professional can determine the best course of action for your particular levy.

Currently Not Collectible:  This means that a taxpayer does not have the ability to pay their tax debts.  While in this status, the statute of limitations continue to run, and most likely the IRS will keep any liens it has against the taxpayer.

Emerge180's proven success comes through opening new lines of communication between the clients and vendors, creditors and the IRS. They help untangle the knots of financial adversity to enable you to focus on running your company.

About Emerge180

Emerge180, a national firm based in Tampa, Florida, has been helping businesses avoid financial disaster since 1993. As experts in creditor negotiations and tax resolution services, Emerge180 helps businesses work through financial crises, and creates plans that re-position their clients for success. An A+ Accredited Business with the BBB, Emerge180 has facilitated the financial turnaround of thousands of companies…and, in so doing, the preservation of tens of thousands of jobs. 

Media Contact: Media Relations, Emerge180, 1-800-805-1138, [email protected]

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SOURCE Emerge180