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Closed Case Round Up: December 2018

Posted by Cailey Taylor on Dec 23, 2018 10:00:00 AM

Think your case is the worst case we've seen? Chances are, it's not. Our team of tax attorneys and tax accountants work on cases of all difficulties and are able to solve each case. For instance, in December our tax attorneys were able to put one business owner into Currently Not Collectible status saving him almost $100,000. Read more about how our tax lawyers are able to negotiate different tax settlements for our clients. 

Case 1: Our first client was a contractor who had worked off-shore on oils rigs for several years and had created an LLC to help him stay in compliance with the IRS. Our client came to us in the middle of a divorce with a tax liability of over $700,000. Our client had tried to go to another local firm to have his tax debt settled but said after two years nothing had been done and his bank account was levied due to no resolution being made with the IRS. Our client came to us hoping to finally resolve his tax troubles. After getting his financials together, we decided that the best course of action would be to try and get him into a payment plan he could afford. Due to his large tax liability, the IRS placed a lien on his home in the event he tried to sell it. After aggressively negotiating with the Revenue Officer, we were able to get our client into a Partial Payment Installment Agreement for $25/month, which saved him over $710,000!

Case 2: Owning a business can often lead to severe tax problems if you don’t have proper accounting and do not pay your taxes on time. Our client ran into problems after using the wrong Employer Identification Number (EIN). Our client owned a welding business and sold cars on the side to help make more money. After our client’s business started to struggle, he had trouble paying his taxes and ended up owing more money. Our client came to us after his social security was levied and he was left with barely enough money to pay his bills. We were able to get our clients financials together and worked with the IRS to get the substantiation needed to prove our client was going through financial hardship. Through this, we were able to get our client’s Social Security levy released. This allowed us to put our client into Currently Not Collectible status, which allowed him to not make any payments on his tax debt and saved him over $90,000.

Case 3: Getting into an installment agreement can help end your tax problems, but if you’re not careful, you can default and have more tax issues. That is what happened with one of our clients who ended up defaulting their installment agreement two times! Our clients had a tax liability due to several years of not being able to afford their taxes and came to us for help. We were able to set up an installment agreement for the clients and helped them avoid any liens or levies. Our client’s installment agreement ended up defaulting after they did not pay their taxes for the next tax year. We were able to negotiate a new installment agreement with the new tax debt and settled our clients case again. Later on, our clients had their tax return reconfigured by the IRS after they didn’t account for their gambling winnings of over $100,000. This increased their tax liability exponentially and ended up defaulting their installment agreement once again. By the time the second installment agreement defaulted, our client had lost his job and was living off Social Security. We were able to not only appeal the threat of a levy that our client received, but we were able to set up a third and final installment agreement for our client. We were able to secure a Partial Payment Installment agreement for $25/month, which saved our client over $245,000.

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
405-801-2146 or visit www.PolstonTax.com to schedule a free consultation!

 

Tags: Tax Lien, Tax Levy, IRS Tax Lien, Sales Tax

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