Success Stories

Trust Fund Recovery Penalty Averted! Professional Tax Resolution latest Success Story: Trust Fund Recovery and Penalty Averted. The owner of BM Corporation contacted our office shortly after receiving a subpoena from the IRS requesting all of their banking records. Unsure of how to respond to the notice and fearful of the potential consequences it might hold, they contacted Professional Tax Resolution for help. Our staff responded immediately by filing a Power of Attorney and contacting the IRS Revenue Officer.  Within a matter of three weeks, we had submitted all of the company’s back payroll tax returns and completed the necessary business financial statements. In addition, our tax resolution specialists had negotiated a tax settlement agreement for payoff of Trust Fund monies which included an initial payment … Continue reading →

Back Tax Balance Lowered by 80% When Mr. O contacted our office, he was at a loss as to how resolve a tax situation that had been developing over a period of years. Several years prior to this time, he had undergone a divorce which had thrown a monkey wrench into his previously stable financial situation. Since then, although he had continued to earn a good salary of over 200K, high alimony and child support payments had been absorbing a large chunk of his earnings. Fearing that he would be unable to pay the taxes owed, he had avoided the situation by failing to file income tax returns for several years. At the time he contacted our office, he was worried about the size of … Continue reading →

Audit Reconsideration Eliminates $100,000 Tax Balance When Ms. H contacted our office, she was panicked over how to pay a back tax balance of $101,000.  She had recently received an official IRS Letter informing her of a balance due and threatening enforcement action since she had not responded to previous notices. This was followed almost immediately by a Notice of Intent to Audit. It turns out that Ms. H had sold her personal residence in a previous tax year and had forgotten to report the sale of the home on her tax return.  Although the IRS had sent various letters informing her of the discrepancy and assessing a tax balance due, she had not received them due to the fact that she had been moving … Continue reading →

Offer in Compromise Resolves $40,000 Tax Debt Mr. J came to Professional Tax Resolution through a referral form a close friend. With a wedding on the horizon, he was looking for a reputable tax resolution firm that could help him clear up his back tax issues in a quick and efficient manner so that he would have a clean slate going into his new marriage. Although the initial contact was though email, Mr. J immediately set up a face to face meeting with our tax professionals. Upon his own admission, he had failed to file his income tax returns for the previous two years because he could not afford to pay the tax balances owed. At the time of our first meeting with him, he … Continue reading →

Tax Debt Reduced Through Filing of Past Due Tax Returns Sometimes resolving a back tax balance is as simple as filing past due tax returns. The case of Mr. P involved just that! When he contacted our office, he had not filed either his corporate tax returns or his personal income tax returns for the last 10 or 11 years. Unsure of how to proceed and fearful of the potential consequences of his negligence, he contacted the tax settlement specialists at Professional Tax Resolutions for advice and help. Our team informed Mr. P that it would be necessary to contact the government immediately in order to collect the specific details necessary to come up with an appropriate plan of action. Among other things, we needed … Continue reading →

Franchise Tax Board Assessment Stopped Just one month after finalizing an Offer in Compromise with the Internal Revenue Service, Mr. C contacted Professional Tax Resolution with another tax settlement issue. Having successfully settled his federal income tax debt for less than 20% of the initial amount owed, he now needed our services to help with resolving an outstanding tax liability with the State of California. Just prior to contacting our firm for the second time, he had received and official notice from the California Franchise Tax Board informing him that he owed a back tax amount of 80K for tax year 2005. This amount included both penalties and interest that had been compounding over time. Mr. C was both confused and upset when he received … Continue reading →

Back Tax Balance Reduced by 80% Mr. C was referred to Professional Tax Resolution by a friend who had previously used our services.  Having failed to respond to a Notice of Intent to Audit for tax year 2005, he had recently received an IRS Notice informing him that he owed over 150k in back taxes. On top of this, the IRS had initiated enforced collection activities to collect the tax amounts owed. In desperate need of professional tax settlement help, he contacted our firm. At one time, Mr. C had a flourishing real estate company with offices in three states and a high gross profit. However,once the economy stopped booming, so did Mr. C’s businesses. By the time he contacted our firm, he was barely … Continue reading →

Penalty Abatement Used to Resolve Tax Debt Taxes are so frightening to many Americans that they choose a flight over fight response. Instead of facing their tax filing obligations and back tax issues head on, they choose to avoid them in hopes that they will go away. Unfortunately, this approach does not work in the long run. In addition to accumulating interest charges and late filing and payment penalties, a delinquent taxpayer will eventually be faced with some sort of enforced collection activity by the IRS. Such was the case with Ms. F who avoided filing tax returns for 10 years due to external financial issues. Eventually, the IRS contacted her and informed her that she owed a back tax balance of over 100k! Frightened of the potential consequences of ignoring her … Continue reading →

Tax Debt of $200k Settled for $1000! Mr. W is a self-employed individual and the main provider for his family.  As a member of the construction industry, his income fluctuates with the housing market which was in a downturn for an extended period of time. As a result, he had difficulty generating enough income to meet his minimum monthly expenses and was hit with one late payment notice after another. With all of his attention focused on keeping his family afloat, Mr. W did not file his tax returns for a number of years, thus acquiring a tax debt of over 200K. With a new edition to his family on the way and the IRS breathing down his neck, he was at loss as to what … Continue reading →

Tax Debt Settled Using Multi-Step Tax Resolution Plan A successful tax resolution plan often requires a creative approach that may include a variety of tax settlement methods used in various combinations. Such a plan often begins with an attempt to reduce the amount of the outstanding tax liability though the filing of back tax returns and amended returns. It may also involve an audit defense in the case where an audit has been requested. These initial tax resolution steps are followed by submitting an application for one of the various tax settlement options offered by the IRS or simply negotiating a payment plan to pay off the balance of back taxes owed. The tax settlement case outlined below is one that involved multiple steps in … Continue reading →