Monday, August 1, 2011

Partial Payment In Business Installment Agreement Saves $200,000!

We have worked with this taxpayer for quite sometime. He came to us in the fall of 2010 with a tax liability totaling over $200,000. He had a lot to do prior to setting up an agreement with the IRS as the business was not current or compliant with any obligations at the time. As you are all aware, a taxpayer must be current with the Federal Tax Deposits and tax returns prior to setting up an agreement.

After getting the taxpayer current and compliant we submitted a financial form that showed the taxpayer could pay roughly $500 monthly toward the liability. After working with the Revenue Officer for several weeks he agreed to set up the plan. The plan will pay out approximately $40,000 over the remaining life of the collection statutes. A net savings of over $200,000 will be realized over time after all interest and penalty accruals have been accounted for.

Another great success story is finalized as we maintain operations and keep people employed!!