This document provides information about tax resolution and offers in compromise. It summarizes the common causes of tax issues like failure to file or pay taxes on time. It describes the potential effects of non-payment like asset seizures. It then explains that an offer in compromise allows a taxpayer to settle their tax liability for less than owed, and outlines the three main types of offers. Finally, it promotes the services of Solutions for tax resolution and accounting needs.

1. TAX
RESOLUTION….
Cause…Effect…. Cure….
Presented by
Daymond M. Milam, MBA
Accountant / Consultant
Click to edit Master subtitle style
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

4. Cause…. Effect…. Cure….
•
Why Does One Need
Tax Resolution?
•
What Can be Done?
•
Who Can Do It?

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

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

13. Who Can Help???

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".

16. Other Services We Provide
•
Monthly & Quarterly Financial •
Business Set-Up, Acquisitions &
Statement Preparation and Dispositions
Analysis •
Grant Writing & Proposals
•
Payroll Administration •
Incorporations (C-Corporations,
•
Installation & Maintenance of S-Corporations, LLC, LLP, PA)
Computerized Accounting
Systems and Networks
•
Financial Analyses and
Forecasting
•
Business Plans and Loan
Packaging
•
Efficiency Improvement
•
Corporate, Partnership,
•
Other Services (designed to fit
Fiduciary & Individual Income your needs)
Tax Preparation.

17. Our Clientele
•
Health Care (Hospitals & SNF)
•
Professional Services (Legal, Real Estate, & Insurance)
•
Retail
•
Not For Profits (Churches, Schools, Civic
Organizations)
•
Entertainment (Artists, Musicians, Producers)
•
Independent Contractors (Mary Kay, Avon, etc.)
•
Construction & Property Management
•
Investors (Real Estate, Stock, & Other)

19. 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!!!!

20. Other Hand Out / Trivia