This month’s closed case round up includes a couple that fell on desperate times and needed help paying back their taxes, a single father who spent his life in the oil and gas industry, and a client whose health problems took away their ability to work.
Case 1: Our first client is a single father who spent most of his life running several businesses in the oil and gas field. It wasn’t until years later that the client realized one of the companies he sold oil to didn’t file a 1099. Now our client was not only out of compliance with the IRS, he owed over $150,000 in taxes. The had also previously sold property and did not report the income on his taxes. With minimal income and not much equity, our client could not pay the overdue taxes and still afford his monthly living expenses. Our team worked to not only amend all his past tax returns, but we were able to put him into Currently Not Collectible status saving him $156,962 in the process.
Case 2: Our next client is a married couple who were completely dependent on Social Security and were worried about having their income levied by the IRS. The husband had been self-employed his whole life and had not filed a tax return since 2009. The wife was current, but because they filed together, she was attached to his liability. The couple was down on their luck and was living with their son, because they were having trouble affording a rental home. As a team, we were not only able to get the husband’s past tax returns filed, but we were able to get them an Offer in Compromise saving them about $81,000!!!!!
Case 3: Another client had not filed since 2004. Due to serious health problems, he was unable to work and had to draw Social Security to afford his living costs. With the threat of a lien, our client desperately wanted to take care of his tax problem so he could sell a portion of his property to generate income. The client did own a daycare that he rented out, but was operating it at a $200 a month loss, leading to no extra income to help him pay off his IRS debts. The Polston Tax team helped get all missing returns filed, then once we had complete balances for what our client owed, we were able to move him into Currently Not Collectible status, saving our client $94,112.09 in the process and we were able to prevent any future levies!
If you need assistance reaching a resolution with the IRS or State, call us today at 405-801-2146 or fill out the form below to schedule your free consultation!