Taxpayer Saves Over $38,000 in Tax Debts by Closing Business

A landscaping company came to Omni Financial with an IRS tax liability of over $38,000. The client indicated that he had experienced levies on his account and wanted to get set up on an Installment Agreement to pay the tax liability. Even though the client had been cooperative with the IRS, the Revenue Officer continued to request further documentation.

After looking at the file, Omni discovered that most of the tax liability came from errors made by the previous accountant in regards to the company’s corporate income tax. Omni also evaluated the financial form provided and discovered that the corporate assets listed were really personal assets and that the corporation did not own any significant assets.

Upon these revelations, Omni recommended that the owner close the landscaping business down. Omni also provided the necessary documentation to the Revenue Officer to prove all assets listed were personally held.

The taxpayer proceeded to close his business and the Revenue Officer agreed that there were no significant assets for the business. Due to Omni’s discoveries and documentation provided, the Revenue Officer then agreed to close the file as the taxpayer closed his business and the taxpayer saved over $38,000.

Need help making the difficult decisions brought about by your business tax debt? Contact Omni Financial for tax debt solutions.