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Dream It Tonight…. Achieve It Tomorrow!!!

TAX RESOLUTION….

Cause…Effect…. Cure….

Presented by Daymond M. Milam, MBA Accountant / Consultant

www.1bettersolution.com

Two Things Are Inevitable Death and Taxes – George Washington, First United States President

Types of Taxes

• Income Taxes• Payroll Taxes• Estate Taxes• State & Local

Government Taxes

Cause…. Effect…. Cure….• Why Does One Need

Tax Resolution?

• What Can be Done?

• Who Can Do It?

Somewhere You FAILED• Failure to File• Failure to Submit

Timely Payment• Failure to File

Correct Return• Failure to Retain

Adequate Records• Failure to Listen

What Are The Effects of Non Payment of

Taxes• Loss of Personal Assets• Loss of Business Assets• Levies and Wage

Garnishments• Cash Receivership

( aka Blocked Bank Account)

Offer In Compromise• An (OIC) is an agreement between

a taxpayer and the Internal Revenue Service that settles the taxpayer’s tax liabilities for less than the full amount owed. Absent special circumstances, an offer will not be accepted if the IRS believes that the liability can be paid in full as a lump sum or through a payment agreement.

Three Types of OICs• Doubt as to

Collectability

• Doubt as to Liability

• Effective Tax Administration

Doubt as to Collectability• Doubt exists that the

taxpayer could ever pay the full amount of tax liability owed within the remainder of the statutory period for collection

Effective Tax Administration • There is no doubt that the tax is correct and

there is potential to collect the full amount of the tax owed, but an exceptional circumstance exists that would allow the IRS to consider an OIC. To be eligible for compromise on this basis, a taxpayer must demonstrate that the collection of the tax would create an economic hardship or would be unfair and inequitable.

OIC Payment Options• Lump Sum Cash

Offer• Short Term

Periodic Payment Offer

• Deferred Periodic Payment Offer

Who Can Help???

Why Choose Solutions?• Other organizations plagued with

complaints• Solutions is the only organization that

provides other accounting services • Solutions offers financing options for

services rendered• Solutions is locally owned and operated

IRS Warning• Taxpayers should

beware of promoters’ claims that tax debts can be settled through the offer in compromise program for "pennies on the dollar".

Other Services We Provide• Monthly & Quarterly Financial

Statement Preparation and Analysis

• Payroll Administration• Installation & Maintenance of

Computerized Accounting Systems and Networks

• Business Plans and Loan Packaging

• Corporate, Partnership, Fiduciary & Individual Income Tax Preparation.

• Business Set-Up, Acquisitions & Dispositions

• Grant Writing & Proposals• Incorporations (C-Corporations,

S-Corporations, LLC, LLP, PA)• Financial Analyses and

Forecasting• Efficiency Improvement • Other Services (designed to fit

your needs)

Our Clientele

• Health Care (Hospitals & SNF)• Professional Services (Legal, Real Estate, & Insurance)• Retail • Not For Profits (Churches, Schools, Civic

Organizations)• Entertainment (Artists, Musicians, Producers)• Independent Contractors (Mary Kay, Avon, etc.)• Construction & Property Management• Investors (Real Estate, Stock, & Other)

Referrals We LOVE

• Individuals and /or Business with Tax Problems (i.e. Garnishments, Levies, Liens, etc.)

• Businesses Experiencing Growth• Businesses with 3 or more employees on payroll• Businesses wanting to secure financing• Individuals desiring to go into business

• Anyone Required that wants a RELATIONSHIP WITH THEIR ACCOUNTANT!!!!

Other Hand Out / Trivia