20/20 Tax Resolution Helps Real Estate Agent Negotiate Affordable Payment Plan

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Tough negotiation by 20/20 Tax Resolution helps a real estate agent achieve affordable $250 per month payments on a $74,000 tax debt.

The 20/20 Tax Resolution team has helped another client struggling with seemingly insurmountable tax debt get back into compliance with the IRS by negotiating a reasonable and affordable payment plan for the client, a real estate agent from Covington, Georgia.

When the client first contacted the 20/20 Tax Resolution team in the fall of 2012, she had accrued a tax debt of approximately $74,000. Although she had previously attempted to bring herself back into compliance with the IRS by filing for an offer in compromise, her claim had been rejected.

An offer in compromise (http://www.2020taxdebthelp.com/irs-offer-in-compromise.php), in essence, a negotiation with the IRS that allows those who meet certain qualifications and have unpaid tax debt to settle the tax debt for less than the total amount owed. In order for an individual to qualify however there are a number of criteria they must meet, some of which can be challenging. If an individual is able to meet all of the qualifications it does not guarantee that their offer will be accepted by the IRS, only that the IRS will consider it. Out of all of the offers in compromise submitted each year, the IRS only accepts about 20%.

Unable to negotiate any sort of agreement with the IRS herself, she immediately began making voluntary monthly payments to the IRS ranging from $500 to $3,000 in an effort to pay off the tax debt. Afraid the IRS might begin aggressive collection actions against her, she turned to 20/20 Tax Resolutions for help.

The 20/20 Tax Resolution team went to work straightaway and contacted the IRS to halt any collection efforts so they could help their client file all missing tax returns. In order for the IRS to accept an installment agreement the taxpayer must file all of their tax returns with the IRS before they begin to negotiate an installment agreement. Once the client had been protected from any aggressive collections on the outstanding debt, they helped this client file all of their missing tax returns. The client also provided the 20/20 Tax Resolution team with all the required financial statements and documents they needed to begin negotiations.

A payment plan proposal of $250 a month was submitted to the IRS in November of 2012 and it wasn’t until March of 2013 before the IRS reviewed the proposal and rejected it. The IRS agent assigned to the case claimed that the client had the ability to pay significantly higher monthly payments and proposed she either pay $1,000 a month on the tax debt or provide a down payment $29,000, at which point she would be eligible for a program that would reduce her monthly payments to $750 a month. After reviewing both proposals and realizing neither would help their client, the 20/20 Tax Resolution team continued their negotiations. Two weeks after their counter proposal, the IRS accepted the installment agreement of $250 a month first proposed by the 20/20 Tax Resolution team. This not only brought the client back into compliance with the IRS, but also helped the client stay in compliance by making the installment agreement payments affordable.

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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Marissa Loken
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