1. TAX RESOLUTION…. Cause…Effect…. Cure…. Presented by Daymond M. Milam, MBA Accountant / Consultant Dream It Tonight…. Achieve It Tomorrow!!! www.1bettersolution.com
2. Two Things Are Inevitable Death and Taxes – George Washington, First United States President
3. Types of Taxes Income Taxes Payroll Taxes Estate Taxes State & Local Government Taxes
5. Somewhere You FAILED Failure to File Failure to Submit Timely Payment Failure to File Correct Return Failure to Retain Adequate Records Failure to Listen
6. What Are The Effects of Non Payment of Taxes Loss of Personal Assets Loss of Business Assets Levies and Wage Garnishments Cash Receivership ( aka Blocked Bank Account)
7. Offer In Compromise An (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles the taxpayer’s tax liabilities for less than the full amount owed. Absent special circumstances, an offer will not be accepted if the IRS believes that the liability can be paid in full as a lump sum or through a payment agreement.
8. Three Types of OICs Doubt as to Collectability Doubt as to Liability Effective Tax Administration
9. Doubt as to Collectability Doubt exists that the taxpayer could ever pay the full amount of tax liability owed within the remainder of the statutory period for collection
10. Doubt as to Liability A legitimate doubt exists that the assessed tax liability is correct. Possible reasons to submit a doubt as to liability offer include: (1) the examiner made a mistake interpreting the law, (2) the examiner failed to consider the taxpayer’s evidence or (3) the taxpayer has new evidence.
11. Effective Tax Administration There is no doubt that the tax is correct and there is potential to collect the full amount of the tax owed, but an exceptional circumstance exists that would allow the IRS to consider an OIC. To be eligible for compromise on this basis, a taxpayer must demonstrate that the collection of the tax would create an economic hardship or would be unfair and inequitable.
12. OIC Payment Options Lump Sum Cash Offer Short Term Periodic Payment Offer Deferred Periodic Payment Offer
14. Why Choose Solutions? Other organizations plagued with complaints Solutions is the only organization that provides other accounting services Solutions offers financing options for services rendered Solutions is locally owned and operated
15. IRS Warning Taxpayers should beware of promoters’ claims that tax debts can be settled through the offer in compromise program for "pennies on the dollar".
23. Referrals We LOVE Individuals and /or Business with Tax Problems (i.e. Garnishments, Levies, Liens, etc.) Businesses Experiencing Growth Businesses with 3 or more employees on payroll Businesses wanting to secure financing Individuals desiring to go into business Anyone Required that wants a RELATIONSHIP WITH THEIR ACCOUNTANT!!!!
