On this month’s closed case round up, we see a geologist who accumulated a large tax liability due to oil and gas royalties, a business owner whose accountant put him in a worse situation and a plumber who got audited after business slowed down! Check out just a few of the fantastic results we achieved for our clients!
Case 1: Our first client is a self-employed Geologist who also made money off oil and gas royalties. He owed taxes for several years and was able to get into a payment plan with the IRS but ended up defaulting because he could no longer afford the high monthly payments. After getting a levy placed on his income and his oil royalties, he came to Polston Tax to get a better resolution for his financial situation! The Polston Tax team realized our client would owe a large amount in taxes for the current year, so we waited for his tax return to be filed and then went to the IRS to negotiate total tax liability. By preparing his financials and making sure he was compliant, we were able to get both levies released! We decided to go after a Partial Pay Installment Agreement because the client was worried his fluctuating income would keep him from affording the monthly payment. After providing proof of his expenses, the IRS agreed to the PPIA, which was a more affordable payment plan and saved our client $111,804 in the process!
Case 2: Our next client is a business owner whose former accountant made his tax problem much worse. He had fallen behind on paying his taxes for several years and hired a national tax resolution company to get him into an Installment Agreement. Unfortunately, our client couldn’t afford the agreement they set up and ended up defaulting! He then decided to leave that firm and have his accountant help him. The accountant filed an Offer in Compromise (OIC) on his behalf even though he wasn’t confident it would be approved. Because of this uncertainty, our client decided to come to Polston Tax for our expertise. A few weeks after hiring us, the IRS rejected the OIC filed by the accountant. The Polston Tax team then filed our own OIC based off new and accurate calculations with a much better chance of approval. At first, the Offer Specialist assigned to the case was asking for a payment our client couldn’t afford. After arguing for our clients expenses, we were able to drop the offer amount by over $60,000! The IRS finally accepted the OIC for the business, which doesn’t happen often, allowing our client to keep his company open. Not only did we settle his tax problem once and for all, we also saved our client almost $100,000 in the end!
Case 3: Starting a business can be hard, especially if you don’t have the right accountant. Our next client started his own plumbing business and when the business took off, he hired an accountant. This accountant charged a large fee and said the fees included audit protection. Unfortunately he was audited, and the client was left with no help from his accountant and a large tax liability. Business slowed down for our client and he fell further behind on bills and tax payments, causing the IRS to place tax liens on his home and property. His wife worked for the Postal Service and was having her wages levied as well. Our client tried to get more contracts to bring in more income, but the state wouldn’t renew his license due to the tax liability. They then came to us desperate for help. Not only did we stop the wage garnishment and put a collection hold in place to prevent more levies, we were able to negotiate a PPIA for $25/month! This made our client compliant with the IRS and saved them almost $200,000.
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! Call 405-801-2146 or Click below to schedule a free consultation!