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!
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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...