Check out just a few of the FANTASTIC results achieved for our clients last month!
Case #1: One great story of a closed case this month concerns a client who stopped paying his taxes in order to afford his wife’s medical bills after she was diagnosed with Alzheimer’s. He had hired an out-of-state tax resolution chain to help resolve his now high tax liabilities. After a few months, the chain set him up in a payment plan that he couldn’t afford, and he ended up defaulting. The chain promised to get him into Currently Not Collectible Status, but then he never heard from them again. Our client then came to us hoping we could resolve his tax debt once and for all. Our tax attorneys looked over his finances and realized he was going to owe additional taxes when he filed his tax return as he had not been making Estimated Tax Payments. We decided to delay the IRS until our client filed his tax return so we could include the balance in his resolution. When looking at our clients’ resolution options, we realized he had too much equity in his home for an Offer In Compromise and decided on a Partial Payment Installment Agreement (PPIA) as our client did not believe his income would increase. We worked with the IRS to get the right payment amount by showing our clients inability to pay a large monthly payment. They agreed and we were able to secure a $25/mo PPIA for our client and saved him over $73,000!
Case#2: Starting a business can be a daunting task and it’s important that you’re not only compliant going into it, but also while you’re running the business. Our next client had started her own business after being a 1099 employee for years. While she was a 1099 employee, the IRS had started to disallow expenses and take away deductions creating a large tax liability for our client. Due to the large tax liability, the state was threatening to revoke her CNA license and shut down her new business. We first worked to get her into filing compliance with the IRS as she had not filed the previous year for fear of owing more money to the IRS. After getting their tax returns filed, we were able to stop the IRS from levying our client’s bank account and were able to get the IRS to approve Currently Not Collectible status for our client. This allowed our client to focus on her new business and saved her $84,000.
Case #3: Taxpayers are usually audited when the IRS thinks they are hiding income, lying on tax returns, or taking incorrect tax deductions or tax credits. Our client came to us after being audited and getting assessed a large liability due to the audit findings. He had owned a flooring company and was being threatened with a levy due to not filing his tax return. While filing the returns for our client, we had him make Estimated Tax Payments so that he was in compliance with the IRS. We then filed an Offer in Compromise so our client could resolve his tax issue. After providing substantiation to the IRS and aggressively negotiating for this resolution, they approved the Offer and our client saved $136,000!
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 316-448-7955 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...
The winter holidays are fast approaching, and employers across the country are preparing for their yearly office parties. If you’re thinking of celebrating your workplace, you might be eligible for more tax deductions than you realize. Are company holiday parties tax-deductible? The simple answer is yes, as long as they meet a specific set of...
There are many times when life throws obstacles at you, especially when you least expect it. Sometimes things happen in people’s lives that cause them to not file their tax returns on time – or even at all. This is exactly what we are here to help you with, and for our first client we...
We often get clients who come to us after attempting to deal with the IRS on their own, and things don’t turn out how they had imagined it being without having the help of a tax attorney. Case #1: In our first case, our client had gained filing compliance and fully paid off her taxes...
Case #1: Our first client was a business owner who was going through a bad divorce. She had purchased the property for her business under her personal name, and unfortunately her ex-husband had been commingling the business expenses with their personal expenses for years. This is one of the biggest red flags that the IRS...
When it comes to filing your taxes, there are many obstacles in life that can cause you to file late, or just not file at all. Penalties and interest begin to accumulate, and it is alarming to see how quickly your tax liability can increase in short amounts of time. If you have years of...