Every month our tax attorneys work hard to resolve our clients’ tax issues. This includes negotiating payment plans or defending our client’s offer in compromise. We also help get wage levies released and tax liens lifted off our clients’ assets. Each situation is different and each case follows a different path. Here are just a few of the cases we were able to resolve for our clients.
Case #1: Our client was referred to us by their attorney who wasn’t sure how to handle their tax issue. Our client’s husband had passed away unexpectedly due to a drug overdose. Months after his death, she received a notice from the IRS about an unpaid tax debt. Our client found out that her husband had withdrawn from their 401k without her knowing to buy drugs. Our client was left with a large tax debt and had no idea what to do. We were able to look over her tax returns and file amendments to several of them that helped her become compliant with the IRS. We then filed for Innocent Spouse Relief for our client to try and relieve her of the tax debt. After months of waiting, the IRS requested more financial information about our client. We were able to prove our client did not know about the withdrawals. The IRS granted our client Innocent Spouse relief which saved her over $17,000 and allowed her to move on with her life.
Case 2: Owning a business can often lead to severe tax problems if you don’t have proper accounting or do not pay your taxes on time. Our client ran into problems after using the wrong Employer Identification Number (EIN). Our client owned a welding business and sold cars on the side to help earn more income. After our client’s business started to struggle, he had trouble paying his taxes and ended up owing more money. Our client came to us after his Social Security was levied and he was left with barely enough money to pay his bills. We were able to get our client’s financials together and worked with the IRS to get the substantiation needed to prove our client was going through financial hardship. Through this, we were able to get our client’s Social Security levy released. This allowed us to put our client into Currently Not Collectible status, which allowed him to not make any payments on his tax debt and saved him over $90,000.
Case #3: If you receive royalties or other income that isn’t taxed by the distributor, you need to make sure you are setting money aside so that you have money to pay the taxes due on that income. Our client, unfortunately, didn’t know that he would have to pay taxes on his oil royalties and ended up owing over $100,000 when he filed his taxes. He didn’t have enough money for the taxes owed and so he ended up getting hit with penalties and tax liens. Our client came to us because he was worried that he wouldn’t be able to renew his license and wouldn’t be able to work. We looked over our client’s financials and realized his income had dropped drastically and he no longer received any royalties. We determined how much money our client had after all his monthly living expenses and went to the IRS to try to negotiate a payment plan with that number. After providing substantiation for all his expenses, we were able to secure a $25/mo Partial Payment Installment Agreement for our client which saved him over $177,000!
If you need help settling your tax debt 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!
Additional Readings
William is an Oklahoma native, raised in Skiatook but living most of his life in Tulsa. He graduated from Bishop Kelly High School and is currently attending The University of Oklahoma to get his degree in accounting with a minor in finance. William is also part of the Native Organization at his school. He felt...
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