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There
are in most cases only a few viable options in negotiating an
acceptable tax resolution.
The most common of them include:
(1)
long-term Installment
Agreement
and Penalty
Abatement,
(2) Offer
in Compromise,
(3) New
Company Startup
(NEWCO),
and
(4) reorganization through chapter 11 Bankruptcy
or outside of a bankruptcy (non-Bankruptcy
Alternatives).
Choosing the right option will take into account considerations such
as the type of industry, net value of assets, monthly income, non-tax
creditor concerns, long term goals and objectives from both a company
and owner's prospective, management's involvement in the accrual of
the tax debt, and the level of enforced collection activity (e.g.,Levy)
just to name a few. The challenge for any tax resolution professional
is to utilize the available options in a manner that will minimize
the tax liability while best serving the overall objectives of the
taxpayer and ownership. Such an approach requires a solid proficiency
in the relevant tax law and procedure combined with substantial
experience and, most importantly, a tremendous amount of creativity
and foresight.
Copyright 2008 Taxpayer Advisory Group
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