Tuesday, January 26, 2010

OIC Settled for $40,000

This particular taxpayer has owed the IRS for the last 10 years. His liability stems back to two business debts, totaling over $1,000,000 combined. He has been my client since 2004. He owned two businesses of which were Alternative Health Care and Choice Health Care. Mr. Alfred Givens was more than excited to hear our recent news concerning his account. He has since been assessed personally for the tax debt the business accrued.

The history of the account shows the client was unable to make federal tax deposits during his existence with the first business and finally was able to get current with his second business. However, due to his inability to continue to stay current and pay back the past due debt on a monthly timetable, he decided to close his business.

The IRS assessed the trust fund recovery penalty against our client personally and we have since completed two resolutions on his behalf. First and foremost, we were able to discharge a tax lien on a piece of property. The property sold for a little over $60,000 and after it was all said and done the IRS realized $55,000. Secondly, he had another piece of property and this allowed us to finally file for settlement.

We filed our Offer In Compromise in June of 2009. We submitted an OIC for $40,000 due to the fact our client's last piece of property (commercial) was going to sell this past year. Finally in December our client found a buyer and away we went. After it is all said and done we have saved our client well over $910,000 in tax debt as our final OIC was settled for $40,000. The closing should take place in the next week and will allow for all tax liens against our client to be released in full!

We are very excited to bring these issues to a close and our taxpayer can finally live his life again!