It is possible for you to lower your tax debt to an amount much lower than what you owe. If your net assets, and your overall income level is relatively small to the total amount of your debt, you will likely qualify for an OFFER IN COMPROMISE. The IRS will do what they can to work something out with you. They gain nothing from having to continue to send letters, filing liens and letting time continue to pass by. They are in a situation no different than you, so let us help you take advantage of it.
There are various scenarios where you may qualify for the removal of substantially all of your penalties. In many cases, taxpayers are victimized by specific situations such as theft, natural disasters, a death in the family, and divorce. In addition, if you were given incorrect information by your attorney, CPA, or even the IRS themselves, you may also qualify for penalty abatement.
The key to the process is establishing that what had occurred was a one time event, and that it was enough to create a temporary hardship on you and your family. Also, we will work to make sure that the taxing authority understands clearly that your intention is to resolve your tax liability and work with them in good faith to re-establish your good standing.
There are instances where the IRS will contact your banking institution and request that the balance be used to satisfy your tax liability. If you can show that those monies were to be used towards your employees payroll, current payroll taxes, and to pay other bills that allow you to stay in business, we can possibly obtain a release of the levy. Mainly, we want the money to be returned to you, and simultaneously establish a payment plan that will work within your businesses cash flow requirements