Phoenix Financial Group January Success Stories
Installment Agreement
& Penalty Abatement
A client in Rockport, TX called Phoenix Financial Group to
help resolve his personal tax liabilities. Upon contacting the IRS, our firm
was advised of several missing tax returns and balances resultant of returns
the IRS had filed on his behalf. Our firm prepared and filed these returns for
him. The returns we filed helped lower his tax liability by replacing the
higher estimated balances the IRS had assessed him. The balance prior to filing
the returns was $14,180.21 and the balance owed after we filed the returns was
$11,655.02.
Phoenix Financial Group was then able to enter the client
into a monthly payment of $163 a month to pay back the debt and were successful
in eliminating $1,852.02 in Failure to Pay Penalties that the IRS had assessed
to the client's account.
In-Business Currently
Non-Collectable and Levy Release
A sole-proprietorship in Jamestown, North Dakota hired
Phoenix Financial Group in June of 2014 to resolve $23,000 in IRS tax
liability. The client had accrued liability on 7 consecutive quarters and the
Revenue Officer assigned wanted to close the business down because he did not
think it was viable. He issued levies against the client's bank account and was
unwilling to entertain a payment plan. Phoenix Financial Group proved the
levies were causing a significant hardship and were able to get the funds
released back to the client within two weeks.
Phoenix Financial Group then convince the Revenue Officer to
give the business a chance to remain current on their tax obligations and show
that it could be profitable. Phoenix Financial Group helped identify expenses
the client could cut so the business could afford to meet all financial
obligations.
Three months later, the Revenue Officer still believed the
business was not viable and issued another round of levies. This time, Phoenix
Financial Group provided proof of the expenses the business had cut and fought
to show the Revenue Officer that the business was viable. Again, Phoenix
Financial Group was able to get the levies released and the Revenue Officer
agreed to place the business in a Currently Non-Collectable status for one
year; meaning the business is not expected to pay towards the back tax during
that time frame. This will allow the business to get back on its' feet and
remain in business without accruing additional taxes.
