This month’s closed case round up features a company that had potential to grow but was stumped by back taxes and a client whose accountant forgot a 0 on their tax return which created a large tax liability for the client.
Case #1: Our first client owns a media company that had the potential to grow, but the owner was worried his tax problems could hinder any growth for the company. While we were working away at solving his IRS problem, we also looked into the structure of his business and decided to make some tax changes. These changes on his tax structure saved the client over $19,000 in just one year! And the best part is, he will be able to save that amount every year going forward!
Case #2: Our next client withdrew from his 401(k) too early and created a $120,000 tax liability that went on top of an already large tax liability he had from years of unpaid taxes. The client hadn’t filed in several years and was trying to sell his house to help pay off his some of his debts, but was scared the IRS would take all the money from the sale. While we were working on an Offer in Compromise, the client unfortunately lost his job, but we were able to move him into Currently Not Collectible status so he didn’t have to worry about paying his taxes while he was unemployed. While he searched for a job, the team at Polston Tax worked to find a permanent solution for his tax problems. After going through his financials, we were able to set him up in what’s called a Partial Payment Installment agreement for $25 a month and ended up saving him over $314,000!
Case #3: Our third client fell victim to an accountant’s error and ended up owing thousands of dollars to the IRS , all because their accountant forgot to put a zero at the end of his income. Because of the missing zero, the IRS issued an additional assessment for the missing income. Along with the missing income assessment, the IRS realized there were gambling winnings that had not been claimed by our client. So the IRS imposed another penalty and more balances for the client to pay off. Once we got all of the client’s tax returns filed, we were able to get him an Offer in Compromise for $25, saving him nearly $68,000.
If you need assistance reaching a resolution with the IRS or State, call us today at 316-448-7955 or visit us online at www.PolstonTax.com to schedule your free consultation!