NewswireToday - /newswire/ -
Columbia, MD, United States, 2006/10/23 - The IRS accepts two OIC offers from Maryland-based tax relief company; both offers were accepted for less than six percent of the original tax debt.
FSI Tax Corp is celebrating today because of two successful tax settlements it negotiated with the IRS involving a $420,000 tax debt being reduced to $24,089 and a $25,000 tax debt being reduced to $1,182.
Authorized taxpayer representatives negotiated the settlements with the Internal Revenue Service through the IRS Offer in Compromise Program. An Offer in Compromise is a process which, on average, takes at least six months and involves complicated paperwork, detailed financial analysis and recurring negotiations. However, the $1,182 settlement was accepted only five months after the client enrolled with FSI Tax.
Many tax debts increase drastically in size because of interest and penalty fees that often build up over several years. The $420,000 tax liability, which took about seven months to settle, was a ten-year-old tax debt of which more than $160,000 was interest and penalties. These penalties, as well as the majority of the original tax debt, were effectively waived in the final settlement.
“Four hundred and twenty thousand dollars is one of the largest tax liabilities we have managed from one client,” said Managing Authorized Taxpayer Representative Michael Smith. “We were only able to accomplish such a low settlement because of our outstanding team at FSI Tax and the excellent cooperation we received from our client.”
The $420,000 tax debt was settlement for 5.7 percent while the $25,000 tax debt was settled for 4.7 percent. In both cases, FSI Tax successfully demonstrated to the IRS that the amount offered was the highest possible amount the client was able to pay and that it was in the best interest of the IRS to accept the offer.
About FSI Tax Corp.
FSI Tax™ (fsitax.com) was established in January of 2004 with a mission to provide top-quality federal tax resolution services to taxpayers seeking compliance with the IRS.