Every year we are able to help hundreds of people settle their tax debt issues and move towards financial freedom. Each month we like to feature some of the hardest cases we deal with. This month we had a client who hadn’t filed taxes returns in years, a business owner who had to settle both his personal and business tax liability and a taxpayer who was wrongly levied.
Case 1: The clients that receive the best resolutions are ones who are usually dealing with financial hardships. Our first client lost everything in the market crash and moved to Oklahoma to try and start over. When our client came to us, he had not filed his tax returns in years and had a large tax liability. Our team first worked on getting all required tax returns filed so that our client would be compliant with the IRS. The IRS will not allow us to negotiate a resolution if the taxpayer has unfiled tax returns. Once we had our client in compliance, we did a work up of their financial situation and found our client had very little money left over once they paid their bills. We used this information to file an Offer in Compromise. After filing, we waited months before the IRS even looked at our application. After an Offer Specialist was assigned, we started to negotiate on a settlement. During this time, our client found out they would owe for the upcoming year. We worked with the Specialist to not only get an affordable resolution for our client, but to get the new year’s balance included into the resolution. We were able to successfully secure an Offer for our client that ended up saving them over $89,000!
Case 2: When a business owner gets into tax trouble, it not only hurts their business, it can also hurt their personal finances as well. Our next client owed money to the IRS both personally and through his business. When our client came to us, his business’ bank account was being levied and he was worried his personal account would be too. After speaking with his Revenue Officer, we secured a collection hold which stopped the IRS from levying our client’s account. Once we finished going over his financials, we contacted the Revenue Officer requesting Currently not Collectible (CNC) status. Our client had just shut down his business and was barely making enough money to pay his expenses. The officer agreed and moved his case into CNC, taking care of both his business and personal tax liability, saving our client over $200,000!
Case 3: If you don’t file a tax return, chances are that the IRS will file one for you and you usually will owe a large tax debt because of it. Our client hadn’t filed in 6 years and so the IRS filed Substitute for Returns (SFR) for all the missing years. When the IRS files SFRs, they do not take any tax deductions, tax credits or deduct any type of expenses. While we were putting our client’s financials together, he was levied even though we had filed all of the paperwork and paid the payments the Revenue Officer had asked for. Once talking to the IRS, we discovered that they had made a mistake and were able to get our client’s money refunded. After settling the levy issue, we were able to file all of the missing returns and we included the correct deductions and credits. This dropped our clients tax liability by over $207,0000 and allowed them to pay off the remainder of their tax debt all at once, settling their tax problems once and for all.
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 844-841-9857 or click below to schedule a free consultation!