This Guide will explain all aspects of resolving tax delinquency problems.
You will learn everything you NEED to know to prepare BEFORE you start negotiating with the IRS and how to present your clients’ financial situations to obtain the results that are in your clients’ best interests. You know the IRS will ask many questions. Knowing the questions in advance, knowing what to say, and more importantly, what NOT to say, is vital in the resolution of tax problems.
- The UNFILED TAX RETURNS chapter will explain how the IRS treats unfiled returns and how to handle them. Although not filing tax returns is a very serious matter, we will take the fear out of “tax evasion.” This chapter explains how to obtain lost income information from the IRS, how to handle deductions when records are lost and how to resolve “estimated assessments” (SFRs) made by the IRS.
- The WAGE EARNERS, SELF-EMPLOYED and BUSINESS chapter discusses how to present unique financial situations to tax collectors so that you can protect your clients’ financial security and resolve their tax problems once and for all. It shows you how to compute equity in assets and how to properly compute, categorize and present business and personal income and expenses, to determine your client’s “ability to pay.” It clarifies what expenses the IRS allows, and more importantly what expenses the IRS does not allow, to determine “disposable income.” It explains how to protect income from levy while negotiating a resolution to the total tax liability. Should your clients borrow on or sell assets to pay their tax liability or should they enter into a Monthly Installment Agreement? This chapter defines financial hardship situations and how to convince the IRS to suspend collection action for one or more years.
- The OFFERS IN COMPROMISE chapter will explain in detail how to settle tax debts for LESS than the amount owed. Offers in Compromise are the most misunderstood and complicated of all tax resolution procedures and require unique financial analysis and presentation. If your clients cannot pay their taxes in full over the next five to ten years, do they qualify for an Offer in Compromise? If they do, this chapter will explain how the IRS uses equity in assets PLUS income and expenses to determine acceptable Offer amounts. It explains the various pitfalls in negotiations and the techniques and strategies needed to negotiate successful Offers in Compromise.
- If your clients withheld payroll taxes from employees, but did not pay the taxes to the IRS, the IRS will move very aggressively toward enforced collection action. The PAYROLL TAX chapter will show you how to prevent the IRS from levying bank accounts, customers and accounts receivable, and how to prevent the IRS from closing businesses. It explains in specific detail what must be done to protect businesses and resolve the problems. Again, should your clients borrow on or sell assets to pay their tax liability or should they enter into a Monthly Installment Agreement? Can payroll taxes be resolved with an Offer in Compromise or Bankruptcy? If your client is a corporation the IRS can pierce the corporate veil and pursue the “responsible” individuals personally via the Trust Fund Recovery Penalty. This chapter will explain the criteria for the Trust Fund Recovery Penalty assessment and how the IRS determines who is personally responsible for the penalty.
- Whether your clients owe $500 or $500,000, this Guide provides specific instructions and procedures regarding the various solutions to unpaid taxes. You will learn what the IRS teaches its tax collectors to look for, and how to negotiate solutions that are acceptable to your clients and the government. We will explain how the IRS analyzes “EQUITY” in assets to determine ability to pay. If your clients do NOT have significant equity in assets, what does the IRS look for?
- This Guide will show you specifically how to negotiate MONTHLY INSTALLMENT AGREEMENTS to pay taxes over the next twelve months or up to 15 years.
- If your client is in a temporary financial hardship situation, you will learn how to convince the IRS to suspend ALL collection action and place the tax liability in an UNCOLLECTIBLE status for a year or more until your client’s financial situation improves.
- If your client does not qualify for an Offer in Compromise you will learn, in the worst case scenario, how to eliminate taxes using BANKRUPTCY.