Case #1: Our first client was a business owner who was going through a bad divorce. She had purchased the property for her business under her personal name, and unfortunately her ex-husband had been commingling the business expenses with their personal expenses for years. This is one of the biggest red flags that the IRS looks for with business owners. The business was no longer earning income or operating, and she was stuck with a large tax liability that she didn’t even know where to start with getting resolved. IRS began threatening foreclosure on the business, and she finally decided to contact our office for assistance. Our team was able to negotiate with the revenue officer assigned to her case, and they were fighting hard for getting every penny’s worth of her business property. The revenue officer had originally claimed the property value to be right around $600,000 and this was the amount they were saying she had to offer. We were able to talk them down to an Offer in Compromise of $100,000 and saved our client over $219,000 in the process!
Case #2: Many of our clients first come to us knowing they owe back taxes to the IRS but are not sure of the amount or how many years of tax returns they owe for. When we begin work on a case like this, one of the most important things we do to research and analyze the client’s IRS account is contact the IRS and request their Wage & Income Transcripts to verify any balances due. Our next client was a physician’s assistant who did not know how many years she has gone without filing her tax returns, and also had no idea how much she owed to the IRS. Once retaining with our office, we were able to investigate her IRS account and find that she was some missing returns along with owing balances for about 4 years. We got the missing returns filed and were able to set her up in an affordable monthly installment agreement with the IRS. A couple of years later, the client ended up defaulting her payment plan with the IRS because she had lost her job due to the pandemic and no longer had the income she used to have. Although this was a bad time for our client, we were able to give her some news that would leave her feeling hopeful. Since her income was down, it was an ideal time to negotiate with the IRS, and we may be able to secure a better resolution than before. Our team was able to get our client into a partial-pay installment agreement for $56 per month, saving her right under $65,000! This was an incredible resolution, especially because we saved her about 92% of her entire balance owed to the IRS!
If you need help settling your tax liability 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!