Case successfully resolved through the IRS Fresh Start Program saving clients over a million dollars.
One of the Enrolled Agents at Phoenix Financial Group successfully resolved 2 client's cases in January using the IRS' Offer in Compromise Program which is part of their Fresh Start initiative.
The clients owed over a million dollars each. An Offer in Compromise was successfully submitted for each client. Each client saved over $1,200,000. The tax debt stemmed from several failed businesses that the client's had owned. They were assessed the Trust Fund Recovery Penalty and were being held personally responsible for the Trust Fund portion of the tax debt. Each client can now move on with their lives after reaching their settlement with the IRS.
The Offer in Compromise Program is a great way to get a Fresh Start for those who qualify. In simplistic terms, a taxpayer can "Offer" an amount for less than they owe. The "Offer Amount" is based on financial considerations like equity in assets and disposable income.
The IRS only allows up to a certain level for each expense category. These are called National Standards.
If you owe back taxes and want to see if you qualify for an Offer in Compromise, give Phoenix Financial Group a call at: (888) 572-2179 or send us an email at: info@pfgtax.com. For more information visit: www.pfgtax.com.
We can help you with 1040 Personal Income Tax as well as business taxes like 1120 Corporate Income Tax and 941 Withholding Tax.
