Case Study # 114: Ex-Attorney Settles $40,000 Tax Debt for Less Than $3,000 21 December 2012 by Mitch Helfer

Single individual taxpayer CC fails to file prior years tax returns and is assessed around $40,000 in back taxes. CC was previously an attorney and investor earning over $300,000 annually during better times. After several years of success, CC suffered a serious decline due to drug dependence, thereby causing her to lose her job, her position in the community, all... Read More

Case Study # 113: Tax Relief for over $10,000 in Income Taxes Where Taxpayer Failed to Make a Valid S Corporation Election 21 December 2012 by Mitch Helfer

Without appropriate professional advice, entrepreneurial taxpayer, BB, decided to form a Company, go into business and strike out on his own. The good news is that the taxpayer made it big – everything he touched turned to gold. The bad news is that he failed to timely file a subchapter S election for his new Company – an election which... Read More

Case Study #112: Deceased Father Leaves Apartment Building to Wife and Children in a Trust 21 December 2012 by Mitch Helfer

Deceased father leaves 2 children and spouse an apartment building in trust approximating $2 million. The entire appreciation in the building, originally purchased far below market value escapes taxation on the transfer. Our clients, the recipients of the trust, bring us prior tax returns and trust documents to review and prepare current year tax returns. No recipient of the trust... Read More

Case Study # 109: US Citizens Residing Abroad Able to Escape Taxation on $90,000 of Taxable Income 21 December 2012 by Mitch Helfer

EA is a married, US citizen, who obtained employment as a defense contractor in Afghanistan early last year. EA was initially contracted to work a period of 10 months at his new job. US Citizens are generally required to file a US Tax Return reporting worldwide income including earnings overseas. However, certain exceptions apply to taxpayers who earn monies abroad... Read More

Cae Study #105 – Short Sales With Over $2.2 Million Cancellation of Indebtedness 14 December 2012 by Mitch Helfer

KW is a married, real estate developer that was looking at over $675,000 in income taxes on the cancellation of indebtedness associated with the abandonment of various real estate properties that received various 1099-COD or 1099-SA tax forms for 2009. Recent enacted tax legislation provided economic relief where a taxpayer can attribute the debt cancellation to his primary residence, or... Read More

Case Study # 104 – Innocent Spouse Owes Around $35,000 in Back Taxes 14 December 2012 by Mitch Helfer

TT is a young, divorced, single individual that was assessed $35,000 in back taxes, primarily from self-employment earnings attributable to a former spouse. TT was married at a young age upon entering the U.S. and divorced shortly thereafter. The IRS can assert collection of taxes against spouses where the spouse signed a joint tax return, had knowledge or should have... Read More

Case Study #101 – Small business owner owing $75,000 in back taxes 07 December 2012 by Mitch Helfer

JA is a married, successful IT consultant with 3 kids. His wife is a realtor and housewife. Throughout the years, JA formed a company to provide IT services in addition to wages and other self-employment income he receives. JA had not filed his individual tax returns for over 3 years and was being assessed approximately $75,000 in back taxes from... Read More

Case Study #102 – Real estate investor owing over $90,000 in taxes 07 December 2012 by Mitch Helfer

HR is a single real estate professional that buys, fixes up, rents and sells properties. HR received several IRS letters on the examination of his tax return. HR never responded as was being assessed over $90,000 in additional income taxes. Furthermore, the IRS expanded its audit to the last 3 tax years. HR also failed to file corporate tax returns... Read More

Case Study #103 – Divorced wage earner owing around $95,000 in back taxes 07 December 2012 by Mitch Helfer

RB is an older, divorced wage earner that accumulated around $95,000 in back taxes after paying former spouse with accumulated retirement funds pursuant to settlement agreement. RB is in agreement with the amounts owed and has remaining retirement funds approximating $115,000 that the IRS would have otherwise taken in settlement of his tax debt. Furthermore, RB would be assessed additional... Read More