When *Bill’s business started to struggle, he had hard decisions to make—like whether he should pay the IRS or pay his employees and his operating expenses. What Bill didn’t know when he shut the doors to his business and headed into retirement is that a tax liability can almost double with penalties and interest over the course of ten years. And that’s how Bill, at 70 years old with ailing health and living on social security, found himself owing the IRS $1.7 million.
When the IRS started garnishing Bill’s income, he wasn’t able to pay his bills and medical expenses each month. The IRS demanded that Bill liquidate his assets, but Bill didn’t have the assets to satisfy a debt of $1.7 million.
Bill hired another CPA to try to resolve the debt with two offers-in-compromise, but the IRS still wanted $400,000 to settle the debt, and that was $400,000 more than Bill had to offer.
When Bill came to the Eide Bailly IRS Dispute Resolution and Collection team, he was wary that we would be able to find a workable solution. Within nine months, we were able to stop the IRS’s demands for liquidation of assets, end the garnishment on his Social Security Income, and negotiate a Partial Payment Installment Agreement of $592 per month.
Instead of paying back $400,000, Bill will only pay $49,728 of his $1.7 million liability.
Here's How We Did It:
How Eide Bailly Can Help You
If you find yourself in the same situation as Bill, we can help you. The Eide Bailly IRS Dispute Resolutions and Collection Team offers a free initial consultation, which provides:
From simple fixes to complex audit appeals representation, our experienced team offers answers, solutions, and peace of mind.
*Name has been changed.
Our strategic approach to your IRS collection issues ensures you no longer lose sleep over taxes owed. Trade your worry for peace of mind.