Resolutions

Installment Agreement

An Installment Agreement is a monthly payment plan with the Internal Revenue Service or state. You should only pay what you can afford each month, and you should not agree to an Installment Agreement if you know you cannot afford it. Many times, you are not required to provide a financial statement to the IRS.

You have appeal rights, and you have the right to negotiate a resolution that reflects your ability to pay on a long term basis. At Franklin Defoe, we are experts at keeping clients protected from enforcement while negotiating an affordable Installment Agreement.

Offer in Compromise

An Offer in Compromise can be a resolution with tremendous upside. It is worth considering if you owe a significant tax liability. If you qualify for acceptance of an Offer in Compromise, after a typically long waiting and processing time, you can pay a lesser amount to fully settle your IRS or state tax debt. If you want to discuss whether you are a good Offer in Compromise candidate and whether it is worth your time, we invite you to contact Franklin Defoe today. Let’s talk about your particular case.

Currently Non-Collectible Status

Currently Non-Collectible Status (CNC) is a helpful if not necessarily permanent resolution. If you do not have an ability to pay the IRS on a monthly basis, you may qualify to have your account placed into this temporary protected status. Once in CNC, you are not required to make monthly payments, you are protected from IRS enforcement, and the collection statute continues to run. The IRS can request updated financial statements to ensure you still remain uncollectible, typically every two years. Sometimes, it may be best to get you into CNC, then follow up with an Offer in Compromise or penalty abatement request.

Business Taxes

Franklin Defoe specializes in payroll tax cases. We have a proven track record with IRS Revenue Officers, lending your case immediate credibility in the eyes of the IRS. Business payroll tax liabilities can also involve a personal liability for responsible individuals within the business. A good representative can make all the difference in whether you are getting the best overall resolution. You are usually best served to resolve both the business and personal cases at the same time in a global resolution. Call us today to discuss how we can get this accomplished.

Audit Representation or Reconsideration

If you are in the process of an audit, or even if the audit has already been completed, we may be able to help you save money on your total tax bill. We will represent you through any audit and/or audit reconsideration by IRS and work to ensure that you are exercising all available taxpayer rights, and minimizing any ultimate tax bill. If you still end up with a tax liability you cannot pay in full, we will work to establish a formal resolution and seek penalty abatement.

Trust Fund Recovery Penalty

The Trust Fund Recovery Penalty (TFRP) is the personal component of payroll taxes owed by a business. It is not necessary for you to be an owner of the company to be found liable for the TFRP. The TFRP is an additional personal assessment against you.

When the IRS finds you responsible for the TFRP, it can immediately file a personal tax lien against you, attaching all assets and future assets.

Wherever you find yourself in this process, you should act quickly to resolve both the business and personal cases as soon as possible. Contact Franklin Defoe and we will develop your best path forward.