Tax Audit Settlement Success

In 2017, the clients thriving business suffered irreparable financial damages and despite her greatest efforts the business was shut down. In her efforts to rescue the business she accrued significant credit card and loan debts, which she was unable to pay back after the business was shut down. She was forced into filing bankruptcy to salvage her financial welfare, resulting in several of the debts being forgiven, and subsequently being treated as forgiven debt income by the IRS (aka, a BIG tax bill). The IRS audited her 2017 tax return, returning with a significant balance owed. 

The client came to Dickmann Tax Group to secure a tax debt settlement against this assessment from the IRS. Rather than needing to negotiate a settlement, Dickmann Tax Group determined it was possible to clear the debt entirely. Under the Insolvency Terms allowed by the IRS, Dickmann Tax Group was able to present a reconsideration of the IRS audit, and argued that the client qualified for an Insolvency Waiver. Presenting relevant case law arguments, the IRS approved the waiver in full, adjusted the audit, and removed the entire tax assessment from the clients account.  This is just one more example of outside the box thinking that allows our clients to settle their debts and escape tax liability (when justified of course).
 

Obviously all tax situations are different, however if you’d like to learn more then please click here to self-schedule an appointment to discuss your own tax debt issues.