On this month’s closed case round up, we have one business investor who got audited after trying to claim loss income, a retired IRS employee that fell behind on her taxes, and a self-employed contract pumper that forgot to file a few years of his tax returns. Here’s the details on how some of our clients fell into tax trouble, and how we helped get them out!
Our first client was a self-employed computer specialist who invested some money into a software company, but after the company lost its big buyer, our client was out over $200,000. After trying to claim that money as a loss on his tax return, our client was audited by the IRS. After trying to appeal the audit findings and being assessed a $100,000 tax debt, our client came to us for help. Our client was eager to solve his tax debt as he was trying to sell his house, but couldn’t due to the liens placed on the home by the IRS. After reviewing his financials and seeing how much equity he had, the Polston Tax Team filed an Offer in Compromise for him and it was accepted. Not only did we help solve the clients tax problem so he could finally sell his house, we also saved him over $178,000 in the process!
Our next client is a retired IRS employee that also made a lot of money through the oil and gas industry. Our client had fallen ill over the years and fell behind on her taxes, even though she was filing all her returns on time. After the IRS levied four of her bank accounts and her federal retirement, our client decided it was time to get help and came to Polston Tax. The Polston Tax team worked hard to get all of the levies released and also had to go to Tax Court after the IRS tried to levy our client for money they didn’t owe. After appealing the assessment and getting a new tax return accepted, we not only helped our client save over $194,000, we also go her a substantial refund from the IRS!
Our next client is a self-employed oil field contract pumper that didn’t file his taxes for several years and wasn’t sure how much he owed the IRS or the State! After getting all his past returns filed and getting him compliant with the IRS and State, we started working on getting him the best resolution possible. The first step was making sure our client didn’t get his saving account levied and to make sure a lien wasn’t filed against his home. The Polston Tax team crunched the numbers and negotiated with the IRS to get our client a Partial Pay Installment Agreement that saved our client over $74,000 in the end.
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 visit PolstonTax.com to schedule a free consultation!