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 debt 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 debt. After the CDP hearing, we filed an Offer In Compromise to try and settle the tax debt. 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!
Our next client was a contractor who worked for oil and gas companies. He ran into tax trouble after business slowed down to the point he was basically unemployed. He hired a different tax resolution company who did nothing for several months until he was levied. Unfortunately our client couldn’t afford the payment plan they were proposing, so he decided he needed to hire someone else. When our client came to Polston Tax, he had just been fired from his job for being levied and his only income was his military retirement and Social Security. On top of that, he was helping pay for his daughter-in-law’s cancer treatments. Our first step was to stop the levies. Our client started to get notices from the IRS threatening to levy him again, so we appealed the notices and were able to get one wage levy and two bank levies released. After our client let us know he would owe an additional amount for the tax year that just passed, we changed our strategy to negotiate with the IRS after his 2016 return was filed and the balance could be included. Once his tax return was filed, we aggressively negotiated with the IRS on behalf of our client and were able to secure a $25/month Partial Payment Installment Agreement—saving our client over $95,000!
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 us today at 844-841-9857 or click below to schedule your free consultation!