ORP, OR LLC TO THOSE WHO WAIT ently Not Collectible’ Status
Why do resolution experts utilize this strategy? The answer is simple: The Collection Statute Expiration Date (or CSED) continues to run!
WIN OF THE MONTH To the Rescue!
When a client has found themselves in a situation where they don’t make the same income they used to and cannot afford to pay their liability, a two-year moratorium in collections could potentially lead to older debt dropping off. CSEDs are 10 years from the date they filed a tax return with the IRS.
Certain events can affect the CSED, but most of the time, 10 years is the amount of time the
IRS has to collect on the client’s debt. If a client has older debt likely to drop off, this becomes a brilliant strategy to help get the client into a better situation.
CASE SNAPSHOT Client: Business Owner From Alabama Type of IRS Issue: $3 Million Liability Tax Year in Question: Multiple IRS Claimed Liability: $2,977,615.15 Savings: $2,726,207.32
While we often frown upon procrastination, especially for filing your taxes, the CNC status is an incredibly beneficial strategy that could save our clients thousands of dollars!
INGREDIENTS
Our client, a general contractor, hadn’t filed his taxes with the IRS for many years. This didn’t go unnoticed by the IRS, and they filed substitute returns for him totaling nearly $3 million! He came to us frustrated and nervous about what his potential penalty could be, but we were ready to step in and help. Here at IRS Trouble Solvers, we successfully entered the client into a Currently Not Collectible (CNC) status and kept him there while the collection statutes continued to run. It should be noted that CNC status doesn’t always mean the liability will go away, but in this particular case, we were able to let the client know that $2.7 million had dropped off his tax liability! From there, we got our client into a reasonable Installment Agreement for the remaining balance, and this tremendous burden was lifted, saving him $2,726,207.32 in liabilities.
• • • •
2 cups all-purpose flour 1/2 tsp baking soda
• • •
1 large egg, beaten 1 cup buttermilk
1/2 tsp kosher salt 1 tbsp white sugar
2 tbsp unsalted butter, divided
DIRECTIONS
1. In a bowl, sift the dry ingredients together. Set aside. 2. In a skillet, brown 1 tbsp of butter. 3. In a separate bowl, mix the beaten egg, buttermilk, and browned butter. 4. In a constant stream, add the wet mixture to the dry ingredients while stirring. Do not over beat! 5. Heat a skillet over medium-low heat. Add 1 tbsp of butter, stir until the skillet is coated, and then add a few large dollops of batter (about 3 inches wide) to the pan. Do not overcrowd. 6. Cook 4–5 minutes a side, until golden brown and cooked through. Serve with butter, jam, and syrup.
3
WWW.IRSTROUBLESOLVERS.COM
Published by Newsletter Pro • www.newsletterpro.com
Made with FlippingBook Ebook Creator