Successful IRS Installment Agreement helps a client back into compliance
Bedford, NH (PRWEB) June 11, 2013
One struggling taxpayer in Bedford, New Hampshire is well on his way back into compliance with the IRS, thanks to the knowledge and expertise of 20/20 Tax Resolution and their trained staff of tax experts.
With the financial downturn in 2008, the taxpayer found himself unable to pay his personal income taxes. As the tax debt and penalties grew, he soon found himself facing a tax debt and penalties approaching $30,000. Matters were only made worse when his debt went over to the IRS’s Automated Collections System (ACS), which automatically placed a tax levy against his bank account. Desperate for relief from the pressure of the ACS, the taxpayer turned to 20/20 Tax Resolution for help.
After reviewing his case, the 20/20 Tax Resolution team put together a plan to help get their client back into compliance, and to stop the aggressive collections of the ACS while the team negotiated with the IRS. The team was able to organize a stop to ACS activities by providing the IRS with the client’s financial information along with an installment agreement offer.
Once the team negotiated a hold on the tax levy placed on the client’s bank accounts, the 20/20 Tax Resolutions team focused on working out a formal resolution with the IRS on the tax debt. Because the client did not qualify for an offer in compromise, the 20/20 Tax Resolution team attempted to negotiate an abatement of penalties the IRS had assessed against the client’s outstanding tax debt. As negotiations between 20/20 and the IRS continued, the team was repeatedly required to request an extension of the hold on aggressive collections until a formal resolution was reached, allowing the client time to stabilize his financial situation. The 20/20 Tax Resolution team was eventually able to convince the IRs to abate almost $5,400 in penalties they has assessed against their client, reducing the tax debt to approximately $24,000. The client is now on an installment agreement and paying off his tax debt thanks to the efforts of the 20/20 Tax Resolution team.
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.