Retirement Home Remains Open Thanks to a Tax Penalty Abatement
A prestigious retirement home was put into jeopardy of going out of business when their business office manager neglected to make federal tax deposits and failed to advise anyone of this for many years. By the time the IRS stepped in, the retirement home had accrued hundreds of thousands of dollars in tax penalties.
When Omni was hired, they immediately submitted for penalty abatement. While the IRS was reviewing the documentation, the retirement home began pursuing financing from the Housing and Urban Development.
The proceeds available from HUD were not sufficient to pay the federal tax liens. However, because the retirement home obtained the tax penalty abatement of $455,000, they were able to meet the HUD guidelines and stay in business.
