This month’s closed case round up includes a technician who withdrew from his retirement account too early and ended up owing a large tax balance, a client who waited four years for another tax attorney to solve their tax liability and ending up owing more, and a retiree who hadn’t filed his tax returns since 1990.
Case 1: Our first client was an automotive technician for years while his wife ran her own business. He had filed and paid all his taxes on time except for one year when he fell behind and wasn’t able to pay. He had withdrawn from his retirement account and was told at the time that the taxes he owed were being paid, when in reality they weren’t. He ended up with a $60,000 liability that after a few years of penalties and interest accumulated to nearly $100,000. Our client came to our office after he tried paying off the balance himself, but felt like he wasn’t getting anywhere. On top of that, the IRS placed a levy on his Social Security Checks. Not only were we able to get the levy on his Social Security released, the Polston Team was also able to prove financial hardship for our client and was able to get him placed as Currently Not Collectible Status. In the end, our client saved over $100,000 and doesn’t have to carry the burden of tax liability any longer!
Case 2: This client had been with another tax attorney for 4 years. Not only was their tax problem unresolved after all that time, but they attorney hadn’t even touched their case, causing the clients to owe more than before! They finally decided to call Polston Tax after a levy was placed on their bank account and they were having their wages garnished by the IRS. They carried a $60,000 tax liability and were worried the IRS would take all of the money in their bank account. Our team looked poured over their financials and after determining their assets and expenses, we filed an Offer in Compromise with the IRS. After waiting on the IRS to respond for about 7 months, the Offer was finally excepted and our clients were able to settle their tax liability once in for all, saving over $53,000 in the end!
Case 3: Our next client hadn’t filed his tax returns since 1990 and wasn’t sure how much he owed the IRS. His wife was retired and he wasn’t making very much money at the time. After we helped him file all the missing tax returns, he ended up with a balance of over $70,000. Our client didn’t qualify for an Offer in Compromise because he had too much equity in his house and retirement accounts, so we decided to try to settle his tax liability with a Partial Pay Installment Agreement (PPIA). After calculating his financials and vigorously negotiating with the IRS, we successfully secured a $25/month payment arrangement saving him over $63,000!
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! Call 844-841-9857 or click hereto schedule a free consultation!