Our client came to us with a tax bill totaling $731,568.16. This gentleman had several years of delinquent tax returns that he needed filed and then needed help with figuring out the best option to help him address the tax debt he had incurred. After discussing all his options, we helped him catch up all his tax filingsfor his business and him personally, to get current and then proceeded with the submission of an Offer in Compromise to settle out his debt and allow him to have a fresh start.
Once we filed the IRS Offer in Compromise it took well over 9 months to obtain acceptance. Our client was aware of the estimated time frame in advance, based on our experience and knowing the IRS is understaffed and operating under budget. Roughly 9 months later, after little negotiations with the examiner, the IRS accepted our Offer in Compromise of $6,413.00 and agreed to settle. We set the client up on the 5-month cash offer, but he was able to borrow the funds from family and has received releases of his Federal Tax Liens already.
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 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.