TaxRise Success Stories
“I feel incredibly blessed and humbled to have been given this second chance. I’m thankful to be back in a position where I don’t fear bankruptcy or debt collectors and instead I can focus on my work and my family. Thank you, TaxRise!!
Pastor settles $206,000 IRS tax liability for $650
Charles always went to his local CPA for file his taxes each year and trusted that the job was done correctly. But when Charles got targeted for an IRS audit, it was revealed that his CPA had misfiled a number of elements of his tax return which revealed — much to his and his wife’s horror — the large tax bill.
So, we got to work. The strategy behind Charles’ reduction was a team effort. We first needed to stop the threat collections activities, so we worked on placing Charles in a Currently-Non-Collectible status. Then we began forming his settlement strategy which resulted in his debt being resolved for only $650.
With some hard work, we pulled off one of the largest savings in TaxRise history!
“I feel incredibly blessed and humbled to have been given this second chance. I’m thankful to be back in a position where I don’t fear bankruptcy or debt collectors and instead I can focus on my work and my family. Thank you, TaxRise!!
Homeowner settles $68,000 IRS debt for only $548
BRACEY, VA. — Karla P.* came to TaxRise in 2017 with a levy on her bank account and over $68,000 in IRS debt.
Because Karla owned a home, her hardship case was difficult to make. Many IRS examiners are of the opinion that if you own property, you have enough equity to pay off your IRS debt.
TaxRise’s Resolution Strategy
Before we could settle Karla’s debt, we needed to take immediate action against the active bank levy that was currently draining Karla’s account.
Our tax professionals got to work building her case to release her bank levy.
We built a case for an Offer in Compromise, but it was a risky move…and we knew it. Our initial offer that was submitted was denied, and the IRS countered to settle the debt for $12,000.
To some firms, maybe that would have been considered a win. Settling a $68,000 for $12,000 is a savings of 83% after all, but we knew $12,000 was more money than Karla and her husband had, so we kept fighting.
Disabled veteran settles $142,021.64 IRS tax liability for $500
BURLINGTON, NC. — Mr. and Mrs. Erickson of North Carolina are starting 2020 off on a high note thanks to TaxRise.
Mervin Erickson*, a disabled veteran who served in Vietnam. Their situation got even worse once the recession hit. Their tax debt kept rising, and they had no feasible way of ever paying it off.
When he reached out to TaxRise in late 2018, Melvin had over $100,000 of tax debt to his name and was desperate for a way out.
TaxRise’s Resolution Strategy
To stop the garnishments and levies, we placed the Erickson’s on a $100 a month Installment Agreement while we worked on preparing their settlement strategy.
Communication with the Erickson’s was difficult. They didn’t have ready access to a computer or fax machine which meant that their case manager, Lilly, had to find creative ways to keep them in the loop as well as ensure that documents were being submitted to the IRS in a timely fashion.
Realtor's monthly $7,000 Installment Agreement reduced to $400.
NEWARK, NJ. — Trent W.* came to TaxRise in 2019 with an active Installment Agreement with the IRS that he had been paying into for the past eight months.
Trent owned a beautiful home with his wife and presented it very flashy. He told us that his image was part of his job, but in reality, he was “house-rich, cash-poor” and his monthly IRS payments were draining his funds.
Unfortunately, when Trent negotiated his Installment Agreement with the IRS on his own, he didn’t fully understand what the IRS was looking for when determining what they believed could be an affordable monthly payment.
If Trent missed a payment, the IRS would immediately cancel out the agreement, conclude that Trent was actively avoiding his tax debt, and levy his bank account.
When Trent came to TaxRise, he knew that this was the month that he would be forced to default — and he was terrified.
TaxRise’s Resolution Strategy
We didn’t have to waste any time filing back taxes or otherwise tracking down old tax forms. Instead, we launched directly into strategizing his resolution.
Legally, we knew that Trent wouldn’t qualify for an Offer in Compromise. He made too much money and had too many assets, but we knew that we could get his monthly payment down significantly with proper negotiations.
Trent’s case is unique as it was almost 100% strategy.
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