Every month, our office helps our clients end their tax problems once and for all. We are able to secure bank levy releases, file Offer In Compromises, confirm payment plans and argue our client’s case before the tax court. Every case is different and so every resolution is different. That’s why it’s important to get a firm that is experienced in dealing with the IRS. Here are just a few of the cases we were able to close for our clients this month.
Case #1: Our first client had worked in the oil industry and survived several downturns in the industry before he ended up losing his job. It was then that our client found out he was being audited by the IRS because his CPA calculated his Foreign Tax Credit incorrectly. This along with the job loss led our client to file bankruptcy to try and overcome his growing debts. We decided to file an Offer in Compromise for our client because he didn’t have a lot of equity or income at the time. We filed the Offer and after waiting nearly a year for the IRS to review it, our Offer was rejected because our client’s income had increased while we were waiting and he could now afford to pay more of the tax debt. It was then that the IRS levied our client’s bank account because he hadn’t tried to make any payments towards the tax debt. After going over our client’s new financial situation, we decided to apply for a Partial Payment Installment Agreement. We were not only able to secure a bank levy release that kept our client’s money from getting seized, but we were also able to get them into a $25/mo payment plan. This saved our client over $85,000!
Case #2: It might seem like if you don’t file your tax returns, you might not have to pay the taxes you would owe. This is not the case. For instance, our client came to us with several years of unfiled returns and thought she only owed a few thousand dollars. After filling the missing tax returns, we found out our client actually owed almost $190,000! Because our client’s businesses weren’t making any money and our clients didn’t have a lot of equity, we placed them into a $25/mo Partial Payment Installment Agreement. Two years later, the IRS put their agreement up for review because our client’s returns showed a large increase in income. While we were preparing our client’s new resolution, her husband passed away and their income dropped drastically. We were then able to file two Offer In Compromises. One that was for her husband’s part of the liability and one for hers. We then got them both approved by the IRS, saving her $167,000!
Case #3: Our next client came to us after she tried resolving her tax problem on her own. She ended up scheduling herself a Collection Due Process hearing and had no idea how to represent herself at the hearing. To meet the deadline for the hearing, we quickly got her financials together and created a plan. Our client was married, but her husband was not liable for the tax debt, so we had to make sure that the financials reflected that. Our client owned her home which the IRS sees as equity you can use to get a loan to pay your taxes. The bank, however, would not let our client borrow against her home, and so we provided a loan denial letter to the IRS to help prove our client did not have the means to pay the tax debt in full. The IRS agreed and placed our client into Currently Not Collectible status, saving her over $294,000!
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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