Our client had previous returns prepared and filed by a national tax firm with local franchise branches that have now closed down. He was surprised when the IRS said he owed money. Our client called this national chain and learned that his last return with them in 2007 had not been filed and they no longer had any of his records. He was unable to dispute the IRS claim.
Our client no longer has a job and doesn’t have any assets. He is living solely on Social Security income. It was going to be impossible for him to pay the $11,100 bill for his unfiled 2007 return that had been accumulating penalties and interest without his knowledge. Our Financial Analyst Robyn Rudd and Attorney Chris Davis worked together to settle his case for $5!
Believe it or not, the IRS isn't all bad.
It's hard to hate farmers and ranchers – especially ones who live and work in drought-ridden states. And it seems that even the IRS has a bit of a weakness for the agriculture business.
Good news! If you own a ranch or farm and you've taken a blow this year, the government has issued an extended tax relief period just for you.
Our client came to our office at the end of 2014 because her wages were being levied. She had signed for her late mother’s gambling winnings in 2006 and was stuck with a high tax debt ($21,000!) on that reported income. By the time we saw her she hadn’t filed her taxes in over six years and the wage levy in place didn’t leave her enough income to meet necessary living expenses. We had that levy released within two weeks.
While she was still our client, she was laid off at her job. Now there was absolutely no way for her to pay back all of the gambling taxes. The IRS accepted an Offer in Compromise of just $25 for back taxes that now totaled $25,000!
Sorry to break it to you.
You know those commercials you’ve seen that promise you’ll only have to pay “8 to 10% of your tax debt” or “pennies on the dollar” if you make an offer in compromise?
Those commercials are wrong. Or at the very least, misleading.
The Oklahoma Tax Commission initiated a program last month that allows residents to pay overdue taxes without the penalties and fees attached. So far we have had over 90 clients participate in this program and many of them have had amazing outcomes. A few of our results:
OTC allows Oklahomans to pay overdue taxes without penalty
In September, Oklahoma started a two-month program allowing residents to pay overdue taxes with deadlines before January 1, 2015 without penalties, fees or interest. This emergency amnesty program was initiated to increase the state’s budget and ends November 13th, 2015. This is great news for people who are behind on taxes. But if you owe money to a debt collection agency instead of the Oklahoma Tax Commission, the fees associated with the collection agency do not disappear automatically.
We are excited to announce that our Vice President and Managing Attorney was named a Rising Star by the magazine Super Lawyers! There is a three step process to be named a Super Lawyer.
First, lawyers must be nominated. At least one nomination must come from someone outside their firm in order to be considered.
As the presidential election heats up, you’ll hear crazy men and women shouting about lots of hot-button social issues. (We pretty much guarantee it.) You’ll also hear some less entertaining talk about taxes. It’s not as sexy, but it’s definitely important.