How A Business Owner Owed $7 Million in Payroll Tax Debt – But Enlisted Expert Tax Help and Paid Nothing to the IRS!
When I appeared on the Wealth TV’s The Big Biz Show recently, I was asked to share a story about one of the biggest IRS problems we’ve helped resolve. I like sharing stories from our client files, not just to brag about TRS’s high tax help success rate, but more because it helps reinforce my message to people who are in trouble or behind in their taxes: There’s a solution to every problem. But you have to do something about it — you can’t just stick your head in the sand and not open the audit letters.
We even helped a client who had payroll tax debt that amounted to close to about $7 million by the time he walked into our office. This gentleman was a business owner who owed employment taxes, and the IRS went ahead and accessed what’s called the trust fund recovery penalty against him. That’s what they do to pierce the corporate veil and access the shareholder. This is a scary situation because the IRS actually had his account on a computer called the non master file–which is actually a legacy IBM computer, 10 stories underground that the IRS puts old accounts on.
But we were still able to help him because when he came to us, he still had about 2.5 years left on a 10 year collection statute, and we basically played “hide the salami” with the IRS for the next 2.5 years.
And when the 10 years was up, he was home free for $7 million bucks. He ended up paying nothing.
But he had to make the initial decision to get professional tax help. The moral of the story is, even if you are in big trouble with the IRS, there is still hope if you enlist professional tax resolution help !
More Tax Help, IRS News and Tax Relief Tips:
- Do You Really Want Help From Former IRS Agents When Resolving Your Tax Problems?
- Cracking Down on Businesses with Payroll Taxes Problems: New Economic Stimulus Plan Calls for Heightened IRS Enforcement
- Evading Taxes on Your Tax Return – The Money You Save is Not Worth the IRS Problems You End Up Causing Yourself
- Self-Proclaimed Tax Geek at Don’t Mess With Taxes Helps Put More Money in Your Bank Account
- TRS Ranks Among Top 5000 Fastest Growing Private Companies in U.S. By Inc. Magazine