Case #1: Owning a business is one of the easiest ways to get into tax trouble. Take for instance our client whose wife owned a hair salon and he was self-employed. They came to us after they were threatened with a bank levy by the IRS. After retaining our firm, we started to put our client’s financials together to see what resolutions they would qualify for. We waited until the IRS assigned a revenue officer so we could attempt to get a resolution. The wife had recently lost a job, which brought our clients monthly disposable income down. The revenue office asked to meet with our tax attorney and clients to go over the financials we had submitted. The officer inquired about several expenses and why they were necessary. We were able to substantiate all the expenses which allowed the officer to place our clients in a payment plan that saved them over $173,000!
Case #2: Missing tax returns can turn into large tax liabilities, especially if you don’t file several years. Our next client didn’t file for several years and ended up owing over $100,000 to the IRS. He owned a trucking business but didn’t have the time to do the taxes. When we took over the case, the IRS hadn’t assigned a revenue officer to the case, so we took the time to go over our client’s finances. They had a tax liability for their trucking business and for them personally. Our clients decided to close their business as it was no longer profitable so we were able to use this to help push for a better resolution. The revenue officer looked over the financials and agreed to place the clients into a payment plan for their personal liability and then place the liability attached to the business into Currently Not Collectible status. This saved our client over $172,000 total!
Case #3: Taxpayers are usually audited because the IRS thinks there is more income than the taxpayer is claiming or that they are taking incorrect deductions. Our client was audited and ended up owing over $120,000 in additional taxes. Our client was desperate to settle the tax debt as he was trying to avoid having liens placed on his home or credit. Our client asked to have an Offer in Compromise submitted, but after going over his financials, we discovered that he had a large amount of equity in his home. The IRS would not accept an offer when his equity in his home would cover the tax debt. While we couldn’t get an offer, we were able to use the large number of expenses he had to get him into a Partial Payment installment agreement and saved him over $84,000!
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 844-841-9857 or click below to schedule a free consultation!
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...
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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...