ORP, OR LLC PROVEMENTS HE HORIZON
WIN OF THE MONTH Playing the Long Game CASE SNAPSHOT Client: Plumbing and HVAC Contractor Type of IRS Issue: Payroll and Business Income Taxes Tax Year in Question: 2014-2021 IRS Claimed Liability: $5,373,640.97 Savings: Just under $4,000,000.00 (in 10 years) This client came to us, distressed and distraught, feeling like their hands were tied, with overwhelming payroll tax and business tax issues. They had issues dating back eight years and had racked up a debt with the IRS and a tax liability of over $5 million for payments due going back all the way to 2014 — talk about a dangerous, sticky situation! After analyzing the client’s finances and debts, we were able to work out a Partial Payment Installment Agreement (or PPIA) for $12,000 a month with the IRS revenue officer. The PPIA program is a monthly payment plan option available for taxpayers who have a liability they are unable to pay off in the time period that the IRS has to collect. Although $12,000 a month sounds like a lot, once they have paid for 10 years and the Collection Statute Expiration Date passes, the client will end up with a savings of just under $4 million, making the wait worth it in the end. On an over $5 million liability, the client will end up paying just $1.4 million over 10 years! Our practitioner was able to use the Partial Payment Installment Agreement option to get the very best outcome for our client! It’s a long wait, but well worth the MASSIVE savings! Now, our client has a large weight and obligation lifted off their shoulders and is ready to move forward, obligation-free!
audits; however, they have stated this increase will not include those who make less than $400,000 a year. Thus, higher-income individuals will need more qualified tax professionals’ assistance now than ever. Chairman Wyden also announced that due to “persistent” budget slashing throughout the past couple of years, the IRS has “conducted virtually no oversight of hundreds of thousands of shell companies in offshore tax havens that it has approved as financial institutions.” Thus, Chairman Wyden predicts funding to be utilized “to monitor whether offshore entities are properly reporting accounts belonging to U.S. persons, and to take enforcement action against foreign banks and other intermediaries who help conceal income.”
Ultimately, the IRS aims to reduce the tax gap, estimated at roughly $600 billion annually.
In the coming years, we can only expect experiences with the IRS to improve!
INGREDIENTS
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3 tsp olive oil, divided 4 salmon fillets (6 oz each) 1 1/2 tsp reduced-sodium seafood seasoning
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10 cups fresh baby spinach (about 10 oz) 6 small tomatoes, cut into 1/2-inch pieces 1/2 cup balsamic vinegar
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1/4 tsp pepper
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1 garlic clove, sliced Dash of crushed red pepper flakes
DIRECTIONS
1. Preheat air fryer to 450 F. Rub 1 tsp oil over both sides of salmon, then sprinkle with seafood seasoning and pepper. In a greased air fryer basket, place salmon. 2. Cook about 10–12 minutes until fish flakes easily. 3. In a 6-qt stockpot, place remaining oil, garlic, and pepper flakes. Heat over medium-low heat for 3-4 minutes. Increase heat to medium-high. Add spinach and cook until wilted. Stir in tomatoes; heat through. 4. In a small saucepan, bring vinegar to a boil. Cook until vinegar is reduced by half, then remove from heat. 5. Arrange spinach on serving dish. Place salmon over spinach mixture and drizzle with balsamic glaze.
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