FORTUNE
TAX MANAGEMENT
EMPLOYEE TAX ASSISTANCE PROGRAM
The Summary
At the end of the day, it comes down to helping your employees in time of need. You will be helping the company by increasing employee retention, productivity and morale
IT JUST MAKES SENSE....
Benefits
As an employer, the benefits of offering your employees “SafeGuard” are many — here but a few
An addition to your existing benefit package.
Eliminate the burden and hard cost associated with employee wage garnishments
Increased productivity by employees
Reduced employee turnover
Positive perception of the company by the employees
Happy employees!
Company
ABOUT FORTUNE TAX
Since 2005, Fortune Tax Management, and our knowledgeable and experienced tax attorneys have been helping taxpayers by releasing wage garnishments, bank levies, preventing seizure of real and personal property along with negotiating with the IRS to reduce our client’s tax debt to a manageable and affordable level through a variety of IRS programs.
Fortune Tax Management has an A+ rating with the Better Business Bureau, is registered with Dun & Bradstreet and has an impeccable reputation for providing tax relief to thousands of taxpayers throughout all 50 states.
The Facts
During the economic downturn many employees:
- Increased the number of dependents or filed EXEMPT.
- Cashed in their IRAs. Took money from their 401k
Unable to pay their income taxes, they now face a mounting tax debt
- IRS penalties are a minimum of 25% of the tax debt.
- Interest charged by the IRS is at a minimum of 25%
- Interest compounds daily, and accrues on both the principal and the penalties.
The Facts
- Should the company fail to enforce the levy, the company can be liable for the entire tax amount plus 50% penalty
- Employers are required to begin withholding within 10 days of mailing of the NOTICE OF LEVY
- Employers cannot accept a revised W-4 from an employee following receipt of a wage levy
- If the employee leaves the company prior to satisfying the levy, it is the employer's obligation to notify the IRS
- And if known, the new employer's name and address should also be provided to the IRS.
- An employer may not terminate an employee due to an IRS TAX LEVY
IRS Tax Levies 3,748,884 in 2020* 2,961,168 in 2022* 3.6 Million forecast in 2023*
35% of all employees with an IRS tax levy, leave their job to work for a competitor.**
The average cost for employers to recruit, replace and train a new employee is over $2,300**
Productivity of employees with a wage garnishment and/or bank levy takes a dramatic drop by 40% to 70%**
Employers dedicate an additional 1.78 hours per month per garnished employee to address wage garnishments.**
*Internal Revenue Service **United States Department of Labor
FORTUNE
TAX MANAGEMENT
As an employer you know that hiring and retaining quality employees can be a daunting task. Good employees are hard to come by. Losing them, and/or their productivity due to an IRS Tax Levy such as a wage garnishment or a bank levy can disrupt your company and negatively affect an employee’s morale and productivity.