Fortress Financial Services, Inc. : : Services

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OFFERS IN COMPROMISE

PENALTY ABATEMENTS

INSTALLMENT AGREEMENTS

TRUST FUND RECOVERY PENALTIES

OFFERS IN COMPROMISE

An Offer in Compromise is a settlement with the Internal Revenue Service (or state taxing authority) for less than the full amount owed. Usually, it is based upon doubt as to collectibility (a financial demonstration that you do not have the ability to full pay your tax liability within a reasonable amount of time). The Internal Revenue Service uses a formula to determine an acceptable settlement amount. A cash offer may be made in which the taxpayer pays the settlement amount in full within 5 months of acceptance. Short term and long term deferred payment arrangements are also available in the event that the taxpayer is unable to full pay the settlement amount within 5 months of acceptance.

You may be eligible for an Offer in Compromise and not know it. Aggressive government collection agents might not tell you that you are eligible. Or, a seemingly friendly government agent may offer to "help" you prepare and process your own Offer in Compromise. Then, the IRS will use its own formula against you to force you to settle for more than you should.

At Fortress, we screen ALL of our clients for an Offer in Compromise. We love saving our clients as much money as possible and, oftentimes, an Offer in Compromise is the best vehicle for saving BIG dollars. If you are not eligible for an Offer in Compromise, we may be able to help you become eligible. If you are eligible, we will professionally prepare your Offer in Compromise and aggressively negotiate with the appropriate government employee until a favorable settlement is reached.

PENALTY ABATEMENTS

If you do not qualify for an Offer in Compromise, an alternative method of reducing the amount that you owe is to obtain an Abatement of Penalties. In order to obtain an Abatement of Penalties with the Internal Revenue Service it is necessary to establish what the IRS calls "reasonable cause."

A Formal Request for Abatement of Penalties is a written request to the government stating a case for reasonable cause and abatement of penalties. These Formal Requests can vary widely in quality, depending upon who drafts the request.

In order to maximize your chances of obtaining an Abatement of Penalties, a professional and lawyerly written document is necessary. Facts must be portrayed in a light that is favorable to the taxpayer. The law must be stated accurately. The analysis should contain persuasive legal arguments applying the law to the facts at hand. Any supporting documents tending to establish reasonable cause should be attached.

At Fortress, we guarantee that the tax practitioner handling your case will be a licensed attorney who has demonstrated superior advocacy skills - both verbal AND written. Since attorneys possess comprehensive training in legal writing and our staff possesses extensive experience in drafting Formal Requests for Abatement of Penalties, we can assure you of the very best chances of obtaining an Abatement of Penalties.

INSTALLMENT AGREEMENTS

If you do not qualify for an Offer in Compromise, an Installment Agreement may be the best way to resolve your tax liability. Although an Installment Agreement may sound like a simple concept, in practice, it can be very difficult to obtain an affordable Installment Agreement without professional assistance. Moreover, until you obtain an Installment Agreement, your assets, accounts receivable, wages, and bank accounts could be in jeopardy.

Since government collection agents want "their" money back and they want it NOW, they frequently intimidate taxpayers into agreeing to pay monthly installments that are higher than the taxpayer can afford. This inevitably results in a default of the Installment Agreement, as the taxpayer is unable to afford the required monthly payments. Default is typically followed by enforcement such as bank levies, accounts receivable levies, and, in serious cases, the seizure of assets.

If you are a business owner struggling with expenses, enforcement could cause the demise of the business that you have worked so hard to build. If you are an individual, enforcement could eliminate your ability to provide the basics for yourself and your family.

In addition to these ramifications, if an Installment Agreement is defaulted, the government will be less inclined to agree to another Installment Agreement in the future. Therefore, it is extremely important to get the Installment Agreement done properly on the first try.

Our staff has extensive experience in negotiating Installment Agreements and assisting taxpayers with the paperwork that is necessary for obtaining an Installment Agreement. We can assure you that we will NOT set you up for failure by agreeing to monthly payments that you cannot afford.

After we negotiate a manageable Installment Agreement on your behalf, we will stay by your side and protect you from default. We understand that unexpected expenses may "pop up" in the future and that there may be a month or two in which it is difficult or impossible to make your installment payment. Rather than defaulting your Installment Agreement and exacerbating your tax problem, simply give us a call before your payment is due. Chances are, we can negotiate an extension for your payment or even make arrangements for you to "skip a month" without having your Installment Agreement default.

TRUST FUND RECOVERY PENALTIES

Shareholders, Officers, and certain employees can be held personally liable for a corporation's failure to pay certain payroll taxes (the same can be true with persons involved with a L.L.C. or other type of business entity). Internal Revenue Code Section 6672 holds individuals who were responsible for paying payroll taxes personally liable for "the tax evaded, or not collected, or not accounted for and paid over." (to view Section 6672, click on http://www.fourmilab.ch/ustax/www/t26-F-68-B-I-6672.html). This means that you, or anyone within your business, that the IRS determines to be willful and responsible for the corporation's (or other entity's) failure to pay certain taxes could be held personally liable.

Once the IRS has made a personal Trust Fund Recovery Penalty assessment against an individual, the IRS may begin to collect from that individual in addition to its collection efforts aimed at the underlying business entity. Thus, your individual assets, wages, and bank accounts are put into jeopardy.

At Fortress, we understand how important it is to protect your individual assets, wages, and bank accounts. Without them, it can be difficult, if not impossible, to provide the basics for yourself and your family. Therefore, we take Trust Fund Recovery Penalties very seriously.

The best way to resolve a Trust Fund Recovery Penalty is to avoid having it assessed in the first place. If a tax problem is caught early enough, we can usually negotiate an agreement with the IRS whereby your business resolves its own liability. However, the longer your tax problem goes unresolved, the greater the chances that the IRS will look to you and whoever else they determine to be responsible for your company's failure to pay taxes.

In the event that you have already been personally assessed or it is too late to prevent a personal assessment, immediate action is necessary. With few exceptions, we will be able to convince the IRS not to touch your personal assets, wages, and bank accounts as long as an acceptable agreement on behalf of your corporation is negotiated quickly.

If the IRS has already assessed you personally and has begun taking enforcement against your personal assets, wages, and/or bank accounts, you are probably well aware of the serious trouble that you have found. Nevertheless, one of our professionals will most likely be able to obtain a release of your wage or bank levy and negotiate manageable terms whereby your business resolves its own liability.

Before your situation relative to the Trust Fund Recovery Penalty worsens, we strongly recommend that you CALL US TODAY FOR A FREE CONFIDENTIAL CONSULTATION at 1-877-777-7430.