Offer in Compromise Saves Company $2.7 Million
An aviation company that had been family-owned since 1947 owed over $3 million in tax debt by the time they came to Omni.
Their trouble started in 2001, following September 11th. This tragedy caused business to plummet and put the owner in a position where operational expenses far exceeded income. Not wanting to lay off people who had invested their lives in the business, the owner neglected to pay federal tax deposits, as he struggled to make a profit.
His efforts failed and during the first quarter of 2002, he aggressively pursued investors to restructure the business. In March, he received a proposal from another aviation company to purchase the assets and start a new company.
Shortly thereafter, the acquisition occurred, and the owner was personally assessed $3 million in taxes. When Omni was hired, they prepared an Offer In Compromise for $221,000. After years of negotiations, the Offer was accepted, saving the client $2.7 million.
If you don’t know where to start when settling your tax debt, contact Omni Financial. We can help you reach a tax debt solution that fits into your budget.
