Omni Helps Client with Inherited Tax Debt

The owner of two companies recently passed away and left the businesses to his son. Soon after the son took over the businesses, however, he discovered that the two companies had accrued nearly $300,000 in tax debt. The deceased owner also left his wife with $40,000 in 1040 tax liability. The son hired Omni to help him and his mother with their new tax debt.

Omni was able to quickly work out a deal with the IRS for the first business. They set the son up on an Installment Agreement for $500 per month and released him of all the extra penalties that came with the debt. That agreement saved him $28,000 of the $68,000 he owed on that particular business.

The son agreed to close the second business, and remitted to the proceeds of $10,500 to discharge all liens. Omni argued that the son should not be responsible for the debt that his father accrued and convinced the IRS to drop all taxes related to this business. This saved the son $213,500 of the $224,000 he owed.

After the wife paid the principle tax of $26,000, Omni requested a Penalty Abatement. The penalty abatement was approved, saving the client $14,000 of the $40,000 she owed.

Omni Financial can help you resolve your tax debt, even if you inherited it. Learn more about how you can find relief from inherited tax debt.