An Installment agreement is a method of tax debt resolution that allows an individual to pay off their balance over a period of time. IRS payment plans are like paying off a credit card balance. The IRS calculates the amount of monthly payment for each individual based on their income, allowable monthly expenses, and the time remaining for the IRS to collect (their Statute of Limitations). Read More These agreements come in many forms to accommodate the needs of the taxpayer, and their financial obligations, while still satisfying the IRS or State tax debt. The tax professionals at FORTUNE Tax Management have the experience and the expertise to negotiate your IRS Installment Agreement in a way that will be beneficial for both parties, the taxpayer and IRS/State tax authority(s).

Taxpayers that are not currently in financial hardship, but are on the verge, may be able to qualify for an Offer-In-Compromise. This program exists because there are valid circumstances where it is in the best interest of the Government and the taxpayer to compromise. The IRS is very selective about accepting these offers and they require reasonable and documented proof of a taxpayer’s financials. In this situation, the IRS determines the maximum amount they can collect from the taxpayer without causing financial hardship. Read More The remainder of the debt is forgiven and the taxpayer is released from their liability as soon as the taxpayer meets the conditions of their agreement with the IRS. The IRS considers a unique set of circumstances when considering this program:

1. A Taxpayer’s ability to full pay liability
2. A Taxpayer’s Income
3. A Taxpayer’s Expenses
4. A Taxpayer’s Asset Equity

About 75% of these offers are rejected by the IRS, therefore let the professionals at FORTUNE Tax Management negotiate on your behalf to substantially lower your tax debt. If you are struggling financially and do not believe you can pay your IRS tax debt, FORTUNE Tax Management has the experience to determine your eligibility for an Offer-In-Compromise. We also have tremendous success in negotiating these type of offers.

Payroll taxes can be the downfall of many successful businesses. Owing the IRS 940/941 payroll taxes is the worst form of liability because they consider this “stealing” money directly from your employees. Many businesses use the proceeds collected from payroll taxes to pay their operating expenses instead of their payroll taxes. This can get a business in trouble very quickly. Read More The IRS is extremely aggressive about collecting payroll tax and will come after assets, not hesitating to go after the individual owners of the business. The penalties assessed on delinquent payroll tax deposits or tax filings increase the amount owed drastically in just a matter of months. If you don’t take quick action to address business tax audits and payroll tax problems, you will find yourself out of business. The money collected from employees to pay their federal withheld tax, FICA and Medicare (Social Security) does not belong to the business and must be accounted for and paid to the government. If the IRS cannot get payment from the business, they will start collection action against officers, directors, owners and any others involved. Payroll taxpayers have enforceable rights, but must have the knowledge to apply them and to best negotiate with the IRS. FORTUNE Tax Management has helped and saved many businesses and can help resolve your payroll tax debt problems.