We work with clients each step of the way through the IRS process, help them understand their options with the IRS, and then work with them on decisions they make.
San Mateo, CA (Vocus/PRWEB) February 09, 2011
With tax season looming, Freedom Tax Relief, LLC (FTR), announces that its tax representation program is now in place and ready to resolve tax issues with people who are behind on U.S. income tax debt.
FTR, which provides tax representation services, works directly with the IRS to help individuals and businesses prepare back tax returns, become compliant with the IRS, determine the optimal IRS tax resolution program and resolve tax problems. The company’s in-house professionals do all work with the IRS; client accounts are never contracted out for resolution.
In October, the Federal Trade Commission enacted a rule that regulates how debt relief companies work with consumers. The issue of whether the rule applies to tax relief companies has not been decided, but FTR has revised its program to ensure that it is 100 percent in compliance with the rule. The program follows these steps:
Financial analysis – FTR conducts financial analysis for clients to determine where they stand with tax debt and returns. The company’s program helps them obtain an accurate figure on what they owe, and then creates a plan to help clients become compliant with the IRS. The plan may involve working with the IRS on the client’s behalf to determine the liability and preparing back tax returns.
Recommendation – The tax debt relief expert working with the client makes a recommendation on the optimal path for any resolution of tax debt required.
Tax resolution alternatives – Upon the client’s decision, FTR can conduct the actual tax resolution with the IRS. Several different paths are available for tax resolution.
1. Offer in Compromise – An offer in com¬promise reduces the principal, interest and penalties owed to the IRS.
2. Installment Agreement – An installment agreement is a payment plan for the amount due. Establishing an installment agreement reduces future late-payment penalties.
3. Currently Not Collectible – This official IRS designation refers to the status given to a person who may have the ability to pay taxes in the future, but not currently. The designation can help people in temporary hardship gain relief, as the IRS puts a hold on all enforced collection action.
4. Payroll tax solutions – FTR offers a specialty tax resolution path for clients who have problems with business and payroll taxes.
5. Innocent Spouse Relief – Married couples who file jointly are equally responsible for tax liability. In the event one partner filed a questionable return and the IRS is pursuing the other spouse for payment, FTR can assist with several options.
6. Partial Payment Installment Agreement – This type of IRS agreement can assist those who owe more than they can reasonably pay, when considering income and assets. It sets up an installment plan to repay the IRS over time, and may reduce the total amount owed as the tax debt reaches the IRS statue of limitation.
Because FTR’s program includes rigorous analysis of an individual’s tax situation, explains Jeff Staley, managing partner of FTR, the company’s model of tax debt relief better helps consumers work out a solution to any significant tax debt they may be carrying. “We do not presume that tax resolution services will be done. We work with clients each step of the way through the IRS process, help them understand their options with the IRS, and then work with them on decisions they make. FTR clients pay only for services that are absolutely required.”
To tax payers, FTR also has created an objective guide, “Getting the Tax Relief You Need,” to help U.S. taxpayers understand their taxes, avoid tax debt problems, and get help if they need it. The free guide is available for download at the Freedom Tax Relief website.
Freedom Tax Relief (http://www.freedomtaxrelief.com)
Based in San Mateo, Calif., Freedom Tax Relief (FTR) provides tax representation services. Working directly with the IRS, FTR helps individuals and businesses prepare back tax returns, become compliant with the IRS, determine the optimal IRS tax resolution program and resolve tax problems. Since inception, FTR has achieved a savings rate of 87 percent on IRS-accepted offers in compromise. The company, which has served nearly 8,000 consumers since 2002, is a wholly owned subsidiary of Freedom Financial Network LLC.