Tuesday, November 19, 2013

$180,000 Tax Lien Removed!

The IRS tax lien affects your credit, ability to obtain credit, refinance, borrow, etc.  It also hinders your ability to start and operate a business. Feel free to read more about the IRS Tax Lien removal process on our webpage at IRS Tax Lien.

Our client came to us and had the IRS tax lien in place since June of 2012. The IRS tax lien removal process requires a lot of hard work, effort, and dedication.  Of course, we resolved the case completely prior to following up on the IRS  tax lien removal.  The taxpayer had been wrongfully assessed the trust fund recovery penalty, stemming from a business liability of over $500,000. We ordered all IRS documentation in relation to his case, IRS notes disclosing the federal tax assessment processes, and found out he was wrongfully assessed. We decided to file for an abatement of the Civil Penalty assessed against our client.

Once agreed to and negotiated, the assessments were reversed. Our client didn't have to pay back any of the monies owed and was given a refund of over $5,000.  Now, what do we do from here? Is the IRS going to automatically initiate the IRS tax lien removal process? Is the IRS responsible for recording the IRS tax lien removal with the county the IRS tax lien was originally recorded? We wanted to revisit the importance of following up with the IRS tax lien department in order to insure the IRS tax lien is removed.

We waited about 30 days after the penalty abatement to follow up on the IRS tax lien removal.  We called this morning and initiated the release of the IRS tax lien due to the fact the IRS tax lien removal had not been initiated as of yet.  We were able to get the IRS to fax us copies of the IRS tax lien removal and subsequently insure the taxpayer was issued copies of the IRS tax lien removal as well.

If you have an IRS tax lien in place and are looking to get the IRS tax lien removal process started, please call us directly at 720-398-6088 or visit us online at www.highlandtaxresolution.com.

Friday, November 8, 2013

How to Resolve an IRS Tax Levy

IRS tax levies are issued against bank accounts, accounts receivables, wages, and other sources of income when there is a delinquent tax liability.  IRS tax levies are usually issued under a circumstance whereby the client is not current or compliant, misses a deadline, or misses a payment on an installment agreement. When one of our clients is levied by the IRS, usually against a bank account, this can severely damage a businesses ability to continue to operate. If the IRS tax levy is issued against an individual it can severely hinder one's ability to pay bills.

Most recently we had a client who missed a deadline regarding financials.  The IRS sent out a IRS tax levy about 3 to 4 business days following the actual deadline. The client was levied for approximately $3,500.

In order to expedite a release of an IRS tax levy one should always follow these steps below:

- Provide the information asked for
- Provide information concerning what expenses will not clear (especially payroll, bills, rent, mortgage)
- Provide reasonable cause as to why the levy should be released

Once these items are remitted, the IRS will entertain a release. We followed the steps above and were able to work with the Revenue Officer who issued the levy to satisfy all of her requests. We were able to secure a levy release for $3,250 to cover all the necessary payroll expenses. We are now moving forward on the next stage of the case which is resolution.  We were lucky to obtain the release of the IRS tax levy.  Usually when an IRS tax levy is in place it is tough to get it turned around. If the client met the deadline originally issued, the levy would have never taken place. To sum it up, meet all deadlines, stay current with federal tax deposits, estimated tax deposits, returns and do not miss any installment payments once an agreement is reached!!

If you have an IRS tax levy against your wages or bank accounts, feel free to call us at 720-398-6088 or reach us on our website at www.highlandtaxresolution.com.

Monday, November 4, 2013

New Testimonial!


Mike was referred to me by my tax accountant as they had attended a continuing education class together. She was thoroughly impressed by his background and knowledge of tax matters. I have been happy with the service and the prompt responses every time I have had a question or concern. He took the time and made the trip to meet with my wife and I at a location of our choosing. He was very thorough with us regarding the details of what we needed to do to resolve a very complicated and potentially disastrous tax situation. He has helped us beyond measure. I highly recommend him.

Larry Rickman, Colorado