Senior Financial Accountant

Our client was a business owner who owned a trucking company and didn’t file tax returns for a few years. He fell behind on his tax payments after his wife passed away because he took some time off work. He decided to come to Polston Tax because his bank account was levied, and he wasn’t sure what to do. Polston Tax scheduled a Collection Due Process (CDP) hearing so we could talk to the IRS about our clients tax liability. After the CDP hearing, we filed an Offer In Compromise to try and settle the tax liability. The IRS ended up rejecting the offer because our client did not pay taxes on a settlement he receive due to an auto accident. Our client was then notified he was being audited. Our team worked with the IRS Counsel to help prove he wasn’t responsible for the income tax that was attached to his old business. Finally, after months of back and forth, the IRS Counsel conceded letting us know there was no deficiency in income tax due. This saved our client over $440,000 in the end!

Taking money out of your retirement account too early is one of the fastest ways to incur a large tax liability. This client for instance retired from being an airline pilot and took out of his retirement earlier than he was supposed to. Due to taking out of his retirement, our client incurred a large tax liability and was struggling to pay it off. At the time, our client was divorced and was living on disability and Social Security income. He finally came to us after the IRS started levying his Social Security check. Once we were able to get his financials together, we got the IRS to release his levy and set him up in a temporary Installment Agreement to help prevent further levies. We discussed the different tax relief options with our client and decided a Partial Payment Installment Agreement was best because our client couldn’t afford a large sum payment. Our team negotiated an affordable PPIA with the IRS, letting our client pay off some of his tax liability and save over $100,000!

Our client lost everything in the market crash and moved to Oklahoma to try and start over. When our client came to us, he had not filed his tax returns in years and had a large tax liability. Once we had our client in compliance, we did a work up of their financial situation and found our client had very little money left over once they paid their bills. We used this information to file an Offer in Compromise. After filing, we waited months before the IRS even looked at our application. After an Offer Specialist was assigned, we started to negotiate on a settlement. During this time, our client found out they would owe for the upcoming year. We worked with the Specialist to not only get an affordable resolution for our client, but to get the new year’s balance included into the resolution. We were able to successfully secure an Offer for our client that ended up saving them over $89,000!

Our client had always paid his taxes on time until the unthinkable happened. Our client was in the residential building industry and due to the collapse in 2008, he had to file bankruptcy and couldn’t find a new job. With barely any income, our client couldn’t pay the taxes he owed from when he had a job. When he came to Polston Tax, our client was desperate to get his liability settled. After negotiating with the IRS, we got our client set up in a installment agreement. Due to some errors with the checks he wrote, the IRS defaulted his installment agreement and levied him. Our office stepped in once again and worked to get a second installment agreement set. This time the IRS defaulted his payment plan because he made a payment from his businesses bank account and not his personal. With few options left, our office secured a new Partial Payment Installment agreement for our client that kept his payments at $25/month. This not only saved him over $75,000, it also helped him stay compliant and not default his agreement!

Some of our clients wait to come to get help until something bad happens like they get levied or have their paychecks garnished. Our client had her bank account levied and was unable to pay any of her bills. Our client’s real estate license was also due to expire and so we had to move quickly if we wanted to save her license. After putting together her financials, we reached out to the IRS and were able to get her bank levy released! This helped our client be able to pay her bills and not have to worry about money. Once we got the bank levy released, we then started working on securing a resolution for our client. Because our client had a large amount of medical bills and not a lot of income, we decided to file an OIC. Our office filed the OIC and then had to wait 12 months before the IRS finally reviewed the offer. After providing substantiation for our client, we were able to get the offer accepted and saved our client over $200,000!

Our client was a business owner who owned a trucking company and didn’t file tax returns for a few years. He fell behind on his tax payments after his wife passed away because he took some time off work. He decided to come to Polston Tax because his bank account was levied, and he wasn’t sure what to do. Polston Tax scheduled a Collection Due Process (CDP) hearing so we could talk to the IRS about our clients tax liability. After the CDP hearing, we filed an Offer In Compromise to try and settle the tax liability. The IRS ended up rejecting the offer because our client did not pay taxes on a settlement he receive due to an auto accident. Our client was then notified he was being audited. Our team worked with the IRS Counsel to help prove he wasn’t responsible for the income tax that was attached to his old business. Finally, after months of back and forth, the IRS Counsel conceded letting us know there was no deficiency in income tax due. This saved our client over $440,000 in the end!

Taking money out of your retirement account too early is one of the fastest ways to incur a large tax liability. This client for instance retired from being an airline pilot and took out of his retirement earlier than he was supposed to. Due to taking out of his retirement, our client incurred a large tax liability and was struggling to pay it off. At the time, our client was divorced and was living on disability and Social Security income. He finally came to us after the IRS started levying his Social Security check. Once we were able to get his financials together, we got the IRS to release his levy and set him up in a temporary Installment Agreement to help prevent further levies. We discussed the different tax relief options with our client and decided a Partial Payment Installment Agreement was best because our client couldn’t afford a large sum payment. Our team negotiated an affordable PPIA with the IRS, letting our client pay off some of his tax liability and save over $100,000!