Check out just a few of the FANTASTIC results achieved for our clients last month! This months closed case round up features a contractor whose severe health problems led to a large tax liability, plus a client who tried to resolve their tax issues on their own and ended up coming back to us for help.
Case 1: Our first client was a contractor with several health problems that led to a severe tax liability. Owing almost $200,000, our client was facing levies along with the possibility of getting fired from his job. Due to double knee surgery and an open-heart surgery, our client wasn’t able to work making his income very minimal. After learning this and going through his financials, we decided the best avenue for him would be to file an Offer in Compromise (OIC). Our team worked with our client to get all the necessary paperwork together, so we could file the OIC. After we waited several months for the IRS to assign an offer specialist, we were able to start moving forward with the offer. The offer specialist was ready to move the offer for acceptance but saw our clients 2017 tax return hadn’t been filed. Luckily, our client had kept his copy of his filed return and we were able to prove the return had been filed. After going over some expenses, the IRS accepted our clients offer and we were able to save our client $152,946.75 in the end!
Case 2: A lot of our clients think that they will be able to handle their tax problems on their own, and for some they are able to, while others find themselves in deeper tax trouble. Our next clients came to us eight years after first coming to our office with an IRS tax balance of over $150,000. Our client had received a CP504, A Notice of Intent to Levy, and so we appealed the levy notice, protecting our client’s wages and bank account. Our office tried to file an OIC for our client, but due to a tax return error, our offer was rejected. After figuring out the tax return error, our office worked to correct the return and started renegotiating with the IRS. Once we were able to find out what our client could afford, we secured a Partial Payment Installment agreement with the IRS. This helped our client finally settle their tax liability and saved them over $70,000!
Case 3: Some of our clients wait to come to get help until something bad happens like they get levied or have their paychecks garnished. Our next client had her bank account levied and was unable to pay any of her bills. Our client’s real estate license was also due to expire and so we had to move quickly if we wanted to save her license. After putting together her financials, we reached out to the IRS and were able to get her bank levy released! This helped our client be able to pay her bills and not have to worry about money. Once we got the bank levy released, we then started working on securing a resolution for our client. Our client had several missing returns, so our tax team worked quickly to complete and file all missing returns. Because our client had a large amount of medical bills and not a lot of income, we decided to file an OIC. Our office filed the OIC and then had to wait 12 months before the IRS finally reviewed the offer. After providing substantiation for our client, we were able to get the offer accepted and saved our client over $200,000!
If you need help settling your tax liability 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 844-841-9857 or click below to schedule a free consultation! Check out some other closed cases here!