Our client came to us owing $72,800.00 in IRS back tax debt. The debt stemmed from a job loss and the withdrawal of funds out of an IRA without having taxes withheld, to avoid losing his home and vehicle while looking for work. This gentleman owed on two tax years and outside of that window of time has always been current with his tax obligations. After reviewing all his options, an Offer in Compromise was the best route for him to alleviate the tax liens as quickly as possible since he could not afford regular monthly payments.
The offer in compromise was filed in March of 2015 and as of April 2016 the IRS accepted our proposed offer at an amount of $480.00. We made sure to keep our client informed throughout the process so he knew what to expect and how quickly things would occur. After minimal negotiations with the IRS offer examiner, we received a letter of acceptance on behalf of our client.
The taxpayer was able to borrow funds and pay off the amount he owed and is now debt free with the IRS. Federal Tax Liens are in the process of being removed and this gentleman has a fresh start with the IRS.
If you or someone you know can’t afford to pay back their IRS tax liability, and you are unsure what to do, give us a call at 720-319-8954 or toll free at 866-888-6090. We would be more than happy to schedule a no obligation consultation to discuss what options you may have available to you.