Omni Helps Business Owner Save $38,000 in Tax Liability by Finding Accounting Errors
A landscaping and construction owner came to Omni Financial in July 2008 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.
In August 2008, Omni discovered that the tax liability consisted of 1120 tax only, and was due to several errors by the previous accountant. Omni also re-evaluated the financial form provided and found that the corporate assets listed were really personal assets. The corporation did not own any significant assets. Upon these revelations, Omni suggested that the client close his business down. Omni also provided the necessary documentation to the Revenue Officer to prove all assets listed on the 433-B were personally held.
The taxpayer proceeded to close his business, and the Revenue Officer agreed that the business had no significant assets. Due to Omni’s discoveries and documentation provided, the Revenue Officer agreed to close the file. The taxpayer closed his business and saved over $38,000.
Contact us today if you want the professionals at Omni Financial to look through your financial records for accounting errors.
