Case #1: Having a family member get sick can be a huge financial toll on a family and it can lead to incurring tax balances for many. We frequently see clients who are faced with the decision of paying the hospital bills or mortgage instead of their tax bill. One client we were able to help, fell into tax trouble after his wife got sick and was in and out of the ICU. He himself had established a payment plan with the IRS, but the payment was more than he could afford and he ended up defaulting. Our client had an architect license and was worried he wouldn’t be able to renew it due to his large tax balances. The Polston Tax team first put in place a collection hold for our client so that he didn’t have to worry about levies while his wife was sick. The next step was getting together his finances and seeing what type of resolution our client could afford. Our team decided to wait until after the tax deadline so that we could include the previous year’s tax balances in the settlement. Once our client had filed his tax return, we negotiated a $79/month Partial Payment Installment Agreement for our client. Unfortunately, after a few months, the IRS sent our client a notice saying they owed for the previous years. We found out the IRS agent forgot to add the previous year’s tax balance in the resolution. Luckily our client’s finances hadn’t changed and we were able to re-instate the installment agreement. As if our client didn’t have enough trouble, the next year the IRS misapplied an Estimated Tax Payment and defaulted the agreement. Our attorneys were able to re-negotiate the same payment plan for our client and were able to save them over $71,000!
Case #2: One way many taxpayers end up owing taxes is through an IRS audit. An IRS audit can be used to look for unclaimed income or extra income the IRS can tax. Our client was ahead of his taxes until the IRS audited him and assessed extra tax balances. Our client was retired but had previously owned a business. Our client came to us with a tax lien and years of unfiled tax returns. Before we could get a resolution, we first had to file his unfiled returns. Once he was in compliance, we were able to appeal the lien and get it removed. It was shortly after we got the lien withdrawn that our client’s wife was diagnosed with cancer. This dropped our client’s income drastically as the wife could no longer work. The IRS then levied our clients Social Security due to nonpayment. Our attorneys were not only able to temporarily put our client in Currently Not collectible status and get the levies released, but they were able to get over $15,000 in penalties abated for our client! We then got all the necessary paperwork from our client and filed an Offer in Compromise. A few months later, we received a notice from the IRS saying our OIC was rejected. Our attorneys appealed the rejection and were able to prove the expenses for our clients. The IRS then approved an OIC for $85, saving our clients over $160,000!
If you need help settling your tax balances with the IRS or State, call Polston Tax Today!
Our team of Tax Attorneys, CPAs, Case Managers and Tax Accountants will help you get the best
resolution possible and solve your tax problems once and for all!
Call 405-801-2146 or visit www.PolstonTax.com to schedule a free consultation!