$3.5 Million!? Yes, she saved a lot of 0000′s.
Owing the IRS is very stressful. Whether you owe a few thousand or much more, the letters demanding repayment start stacking up, and pretty soon what started out as a small obligation has spun out of control into something completely unmanageable.
Take Penny S. from Michigan for example. She owed a massive 3.6 million, she hadn’t filed her returns in years, and the threats from the IRS revenue agents were getting more and more aggressive, with possible criminal prosecution. Thankfully, Penny called our firm to intercede, and the results were impressive.
The IRS had assessed the taxpayer over $3.6M in tax liability. StopIRSDebt.com completed years 1999-2006 US and State of MI individual income tax returns to bring the taxpayer’s account into compliance with the IRS. At the same time, we released a wage garnishment and placed the taxpayer on an affordable installment agreement to pay off the balance. All told, the tax debt was mitigated all the way down to $60,000. That’s less than 2% of the total tax debt owed!
At the end of the day, every individual and business is required to file a tax return. If this is not done for three successive years, the IRS can file criminal charges and attach assets at will. Penny S. had ignored this mandate, and her years and years of un-filed returns finally caught up with her and snowballed into a wall of IRS debt. Thankfully, the filed returns were quite the lifeboat, and allowed us to seriously knock down the amount owed.
Penny S. was given quite the second chance, but not everyone will float out of harm’s way. If you owe the IRS back taxes, remember to accurately file your returns. They are your first step towards preventing tax debt altogether, and can help you avoid stormy run-ins with the IRS that can sink your finances.
