WAYS A PLAN ORP, OR LLC U OWE BACK TAXES
March Win of the Month PLAYING THE WAITING GAME PAYS OFF BIG TIME
So, if you owe the IRS money, it’s important to get in touch with a tax professional you trust to help you come to a resolution. If you aren’t yet a client of ours, give us a call or come in for your confidential, no obligation, complimentary consultation with an experienced tax attorney or Enrolled Agent. They will evaluate your situation and discuss all of your options to come to a resolution. Once you hire us to obtain your IRS transcripts of account, we can begin to evaluate all of your settlement options and come up with a plan that works for you. We’re your trusted experts!
CASE SNAPSHOT
Client: Homeowner in mid-60s Type of IRS Issue: 1040 Complications Tax Year in Question: 2005 IRS Claimed Liability: $321,346.29 Savings: $316,346.20
The client, a woman in her mid-60s, came to IRS Trouble Solvers under a levy of her Social Security as well as a threatened potential Fraudulent Conveyance of Property, which is a very serious charge. In 2005, she bought a house with her husband and funded it with withdrawn retirement account cash, leaving her with ownership of the house and no mortgage. However, the client failed to have the taxes withheld from the retirement account withdrawal and did not file a return for tax year 2005. As a result, the IRS completed their own Substitute for Return (SFR) and filed for her, leaving her with a tax balance due of $316,346.20. Years later, the client stated that she had drafted a quit claim deed to turn the house over to her husband. This conveyance of ownership caused additional problems with the client’s defense. However, through due diligence, a lot of hard work, and negotiations with the Revenue Officer, we were able to diffuse the issue of fraudulent conveyance of property. Left on the table were the taxes and the SFR, which had an upcoming Collection Statute Expiration Date (CSED). We were initially able to secure a partial payment installment agreement for her in the amount of $270. But time was ticking, and the IRS was not sitting idly by! They asked for updated financial information in 2021, with which we complied, while requesting a Currently Not Collectible (CNC) status for our client. And our patience paid off — while waiting for the IRS to process our request, her entire liability passed, the collection statute expired, and the entire remaining balance was written off. Our strategies of getting into partial payment plans, asking for reconsideration of her status, and watching closely the CSED allowed us to help the client save $316,346.20!
Cheer on your favorite team and chow down in minutes with this easy chili recipe!
INGREDIENTS
• • •
2 lbs ground beef 2 tbsp chili powder
• • • •
1 tsp ground cumin
2 16-oz cans diced tomatoes 2 16-oz cans small red beans 2 8-oz cans tomato sauce
1 tbsp Creole seasoning
DIRECTIONS
1. In a deep pot, brown the beef, stirring often. 2. Once beef is cooked, add chili powder, Creole seasoning, and cumin, cooking for 1 minute. 3. Stir in diced tomatoes, beans, and tomato sauce and bring the mixture to a boil. 4. After the mixture boils, reduce the heat to low and let chili simmer for 15 minutes. 5. Serve with toppings of choice, like cheese, sour cream, or chives.
3
WWW.IRSTROUBLESOLVERS.COM
Published by Newsletter Pro • www.newsletterpro.com
Made with FlippingBook Ebook Creator