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SOURCE 20/20 Tax Resolution
ST. CHARLES, Ill., March 14, 2013 /PRNewswire/ -- A popular bakery in St. Charles, Illinois was able to get its tax debt troubles under control thanks to the help of 20/20 Tax Resolution. Wrestling with a delinquent tax liability of over $366,000 and facing a levy against the business's bank account, the bakery turned to the professionals at 20/20 Tax Resolution for guidance. The 20/20 Tax Resolution team got to work on the bakery's issue straightaway.
The business first came to 20/20 Tax Resolution shortly after the case had been turned over to the IRS's Automated Collections Service (ACS). The ACS is an automated collections system set up by the IRS to collect tax debts by sending notices to those with overdue tax accounts in the early stages of delinquency. While this method is relatively effective, collecting on average $64 of every $100 owed, it is not very effective in situations when there is a large tax debt or the tax issue is complex. In the case of the bakery, the ACS threatened a tax levy against the business's bank account unless it paid its $366,000 tax debt down to less than $25,000.
When the bakery was unable to comply with this request the case was turned over to an IRS Revenue Agent. Noticing that the business's federal tax deposits were not up to date, the Revenue Agent placed a levy against the bakery's business bank account. When a business has employees it is required to withhold income tax from each employee's paycheck. This money is put in trust and each quarter the business must deposit these trust funds into a federal tax account. Failure to comply can result in the business being assessed a trust fund recovery penalty.
The 20/20 Tax Resolution team was able to negotiate with the Revenue Officer and get the levy against the business's bank account released before the bank was required to send any of the business's assets to the IRS. The enrolled agents at 20/20 Tax Resolution were able to get the Revenue Office to place the account into a pending installment agreement status until the details of the installment agreement could be finalized. Thanks to the help of the 20/20 Tax Resolution team, an installment agreement of $750 a month was reached saving the bakery upwards of $270,000 over the lifetime of the debt.
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.
20/20 Tax Debt Help
11800 Ridge Parkway, Suite #400
Broomfield Colorado, 80021
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