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
Tags: big biz show, employment taxes, IRS problem solver, payroll tax debt, tax expert, tax help, tax resolution, trust fund recovery penalty, wealthTV
January 2nd, 2009 at 3:53 pm
[...] We also helped a business owner whose payroll tax debt amounted to close to about $7 million. The IRS had accessed what’s called the trust fund recovery penalty against him.
February 27th, 2009 at 12:23 pm
[...] you are a small business that needs tax help, you need to hire specialized tax resolution experts to fight the IRS on your [...]
April 15th, 2009 at 12:20 pm
Yea it’s really crazy what a tax guy can do to get you out of tax debt
August 2nd, 2009 at 9:29 am
We closed our business Aug of 2008….we are in debt approx 60,000.00 in unpaid taxes to the government…..My husband is retired and I am unemployed…..the interest that we are being charged, we will never be able to pay it off….
Please point me in the right direction…
Thank You
Nellie
August 3rd, 2009 at 9:52 am
Hi Nellie,
Depending on your present financial situation you may qualify for IRS’s Offer in Compromise Program. That’s the program, that if you are eligible, the IRS may forgive up to 85% of what you owe including penalties and interest.
In any event, even if you do not qualify for that option, there are many more available, you require professional expert representation to be to the “go-between” between you and the IRS. That’s where we come in.
Please call toll free 1-866- IRS-PROBLEMS (477-7762) and ask to speak to one of our Tax Consultants who will interview you over the phone to see just exactly how we can help.
September 30th, 2009 at 12:22 pm
[...] payroll tax penalties, you can find a way out, sometimes for a small fraction of what you owe, sometimes without paying a dime. The key is contacting a tax resolution professional as soon as you can. A consultation with a good [...]