Friday, February 7, 2014

Offer In Compromise Generates $199,500 in Savings!!

We recently had a client who settled with the IRS for $500. Total savings on your IRS tax bill in the amount of $199,500 doesn't happen very often. However, this particular taxpayer owed a large liability stemming from an old corporation he was involved in. He also doesn't have much in the way of assets or income. The IRS tax assessed was in the neighborhood of $200,000 at one point in time. The business owed closer to $400,000 in IRS tax liability. The liability he owed was civil penalties stemming from employment taxes accrued in his old business. For those of you not familiar with civil penalties or the trust fund recovery process it is a process the IRS uses to assess a penalty for the accrual of employment taxes in a corporation. The IRS looks at . . . Feel Free to Read More Below! 

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