Machine Operator with Failed Family Restaurant Finally Settles Debt
TaxRise Settles Debt for 99.7%
| November 10, 2020
North Carolina – Raul, whose family restaurant had to close down in 2008, finally settled the outstanding debt after twelve years.
Raul Aquila* is a W-2 machine operator working to provide for his wife and daughter. However, he was not always a machine operator – Raul used to own a family restaurant.
In 2008, Raul had to close down his restaurant because of mounting unpaid debt. Unfortunately, this did not put an end to his tax liability.
The IRS never forgets, and twelve years later, in 2020, Raul revived a letter from the IRS informing him that he needed to repay his liability of $148,647 or incur penalties.
When he received the letter, he was already in an installment agreement for $200 a month (established in 2014), plus he had a lien on his property. Realizing that his situation was dire, he turned to TaxRise.
TaxRise's Resolution Strategy
TaxRise had a significant task on our hands; Raul’s tax debt spanned twelve years. To convince the IRS that our client could not pay back what they were demanding of him, we were going to have to compile a lot of information.
While Raul searched for necessary documentation like his mortgage statement, pay stubs, and a health insurance statement, our tax attorneys finalized power of attorney with the federal government.
After protecting Raul from collection letters, we got to work on freeing him of the lien, installment agreement, and tax liability. To accomplish this, we needed the IRS to approve of an offer in compromise.
Our tax experts drafted a case to present before the IRS examiner. Then, we negotiated intending to persuad the IRS that it was unrealistic and impossible for Raul to repay a debt of $148,647.
The End Result
In the end, Raul’s offer in compromise was accepted for $500! His $148,647 tax debt has been settled for 0.3% – saving of over 99.7%.
See Raul’s signed Offer in Compromise Below!
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* Client’s name changed for privacy.