Success Stories

Payment Plan Settles $62,000 Tax Debt

Payment Plan Settles $62,000 Tax Debt – Allows $65,000 401(k) to Remain Untouched Payment Plan Settles $62,000 Tax Debt – Ms. V, a middle-aged woman who suffers from chronic health problems, represents a rather unique tax settlement case. Through years of employment, she had accumulated a back tax balance of $62,000 but, at the same time, had managed to build up approximately $65,000 in a 401(k) plan. Because her savings was greater than her outstanding tax liability, she did not meet the eligibility criteria for several of the popular IRS tax settlement options including the IRS Offer in Compromise. Having had a difficult time finding a tax settlement firm she could trust, Ms. V came to Professional Tax Resolution through a referral from a friend. Her … Continue reading

Tax Debt of 100k Settled for $13,150

Ms. H, a single mother, had suffered extreme misfortune in several areas. As a real estate agent, her income flat lined when the housing market crashed, making it difficult for her to meet her monthly financial obligations. To make matters worse, her son was involved in a car accident in which he suffered major head injuries. Then, while she was juggling medical bills as well as managing the care of her injured son, Ms. H received an official IRS Notice informing her of an outstanding tax liability. She had not filed tax returns for ten years and, according to IRS calculations, owed over $100,000 in back taxes. As would be expected, she was panic stricken about her dire financial situation. When Ms. H contacted Professional … Continue reading

Tax Liability of 49k Reduced to Settlement Amount of 1K Using IRS Offer in Compromise

Tax Liability of 49k Reduced to Settlement Amount of 1K Using IRS Offer in Compromise Ms. Y, a single woman who works as a medical assistant, was already having trouble meeting her monthly expenses when unforeseen circumstances increased her financial burden. She was unexpectedly given temporary custody of her granddaughter when her daughter was unable to care for the child herself. This placed Ms. Y in the position of being a low income middle aged woman with the added financial responsibility of caring for someone else. In order to make ends meet, she reduced her tax withholdings. Although this decision helped in the short run, her underpayment of withholding taxes resulted in in the accumulation of a $49,000 tax debt. When Ms. Y contacted Professional … Continue reading

$73,000 Tax Debt Reduced by 98.5%

Tax Debt Reduced – Mr. S came to us as a referral from another client who was pleased with our service. After a consultation call, he came in to meet with one of our tax experts. His situation is very common in our line of business. He is a self-employed man who works from home. However, recent hardships made it difficult for him to pay the bills. To compensate, he had not paid 3 years’ worth of income taxes and owed the IRS about $73,000. Our tax experts immediately began preparing his past unfiled tax returns. Once the tax returns had been filed, Mr. S still owed the IRS a significant amount of money. However, our team was able to determine that he was a … Continue reading

$80,000 Tax Debt Reduced to 6% – Wage Garnishment Released!

March 2014 Just one year ago, in March 2013, Professional Tax Resolution received a call from an individual who had not filed tax returns for the previous five years.  Mr. D had continued to put off filing the returns because he knew he would owe a significant back tax balance once they were submitted. Like many other taxpayers, he works 40 hours a week, makes an average wage, rents a house, pays a monthly car note and has many other financial responsibilities, some of which had begun slip out of control. He had avoided filing his tax returns because the mere thought of adding a tax liability on top of his other financial obligations frightened him. This was the scenario that led up to Mr. … Continue reading

Offer in Compromise Settled for 3% of Tax Due – $200,000 Reduced to $6,000!

In January of 2013, Professional Tax Resolution received a call from Mr. E. who owed the IRS over $200,000 that he could not afford to pay. The majority of his tax debt came from the short sale of a home in a prior tax year, which resulted in a balance due of $165,000 for that one year alone.  After meeting with the client and going over some crucial financial and situational information, our staff determined that the client would be a good candidate for an IRS Offer in Compromise.  We immediately filed a Power of Attorney and began investigating the client’s tax history. The research showed that the client had filed all necessary tax returns and was tax compliant except for tax balance due. Within … Continue reading

IRS Innocent Spouse Relief – A $1,200,000 Tax Settlement Success Story

Mrs. M. was referred to us by a local attorney. Her husband had recently passed away and, shortly after his death, she became aware of an outstanding IRS tax liability in the amount of an astonishing $1,200,000. Mrs. M. had had no knowledge of this tax debt before her husband’s death.  A few months later in our initial meeting with her, we learned that her personal tragedy was even worse than the death of her husband and realization of this massive IRS debt.  She informed us that she had hired a very large tax settlement firm to resolve the issue and had already paid them a whopping $25,000.  She came to us after six months, when she had no indication that the tax settlement company … Continue reading

He Owed the IRS $80,000 in Back Taxes. We Reduced His Tax Debt to Zero!

Steve H. came to Professional Tax Resolution after receiving notice of a wage garnishment from his largest customer.  Steve, a technology consultant, had failed to file tax returns for six years and, according to IRS calculations, owed over $80,000 in back taxes, penalties and interest.  Tax settlement plans for taxpayers with numerous un-filed tax returns always begin with gathering the records necessary to prepare the un-filed tax returns. In this case, the taxpayer was able to gather some information from banking records and some from customers for which he had provided services. Fortunately for this taxpayer, his wife had worked for several years and had had federal and state taxes deducted from her paycheck. We were able to obtain and verify additional tax information by … Continue reading

Amazing Tax Settlement – $1,600,000 Tax Debt Reduced to Zero!

Karen M. was recently divorced and owed the IRS over $1,600,000 for a joint IRS liability she had incurred with her ex-husband.  The debt had accumulated over many years and, as is usually the case, included a significant dollar amount of assessed penalties and interest. The taxpayer was newly single, lived on a modest income and had no possibility of settling the debt owed to the IRS. After looking at the taxpayer’s situation and all of the available tax settlement alternatives, we determined that filing for Innocent Spouse Relief gave the taxpayer the most realistic chance of one day being free of the tax debt. Innocent Spouse Relief provides a taxpayer relief from tax debt if their spouse or former spouse failed to report income, … Continue reading

Complicated Tax Settlements and Returns Are Our Specialty. We Found This Client $75,000!

There are many types of accounting, tax and tax settlement service providers. CPAs and accounting firms typically provide tax preparation services to businesses and individuals but rarely devote much effort to actual tax settlements. On the other hand, tax resolution and tax settlement firms focus mostly on settling outstanding tax debt without ensuring that all available tax code benefits have been used on the original tax filings. Professional Tax Resolution combines the expertise of tax settlement professionals and experienced, licensed tax preparers. The first step in any tax settlement case should be to confirm that the reported tax liability is correct and that all available tax code benefits have been utilized. Following that, a tax debt resolution plan can be mapped out. Jeff F. came … Continue reading

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