100+ Years of Combined Tax Resolution Experience.
In this month’s closed case round up, we have a business owner who didn’t file their tax returns for a few years and a contractor that created a large tax liability after his business slowed down!
Our first client was a business owner who owned a trucking company and didn’t file tax returns for a few years. He fell behind on his tax payments after his wife passed away because he took some time off work. He decided to come to Polston Tax because his bank account was levied and he wasn’t sure what to do. Polston Tax scheduled a Collection Due Process (CDP) hearing so we could talk to the IRS about our clients tax liability. After the CDP hearing, we filed an Offer In Compromise to try and settle the tax balances. The IRS ended up rejecting the offer because our client did not pay taxes on a settlement he receive due to an auto accident. Our client was then notified he was being audited. Our team worked with the IRS Counsel to help prove he wasn’t responsible for the income tax that was attached to his old business. Finally after months of back and forth, the IRS Counsel conceded letting us know there was no deficiency in income tax due. This saved our client over $440,000 in the end!
The Internal Revenue Service (IRS) has announced the end of a two-year-long automated collection system pause and started issuing a new notice called LT38. LT38 notices inform taxpayers that the IRS has assumed normal operations. It also updates outstanding balances and explains what to do if you agree or disagree with the content. Additionally, the federal agency...
Nevada sales and use tax laws require businesses to collect and remit sales tax when they meet specified criteria. Where the business owner does not collect sales tax, the buyer must pay use tax to the Nevada Department of Taxation. It’s vital to know which products or services are taxable and the rules on exemptions. Additionally, learning...
A 1099-C form is used for reporting debt cancellation as income to the Internal Revenue Service (IRS) and the individual or entity receiving the canceled debt. It is crucial for tax reporting and compliance. Key aspects of this form include information that affects an individual’s annual tax return and when to file or send it...
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...