A sports entertainment figure owed substantial back taxes to the IRS. This person had been in a payment plan with the IRS for those back taxes, but after retiring from his sporting career, he founded his own business, which changed his cash flow situation and caused a default on that payment plan. Due to his resultant financial standing, he feared he would be unable to meet the required payment obligations.
The IRS Defense Services professionals at Goldin Peiser & Peiser sat down with the client to discuss the issue and understand the full scope. We then ran a comprehensive financial analysis and determined that, despite the IRS’ demands, the client’s status was, by law, “currently uncollectable.”
The IRS had no choice but to agree with the status identified by the Goldin Peiser & Peiser IRS Defense Services team. As a result of our research, analysis and personal discussions with IRS representatives in which we reviewed the financial analysis in detail, the IRS withdrew its demand and formally closed the case. Moreover, the status determination we identified for our client set in motion a time-sensitive protective framework that now shields him from IRS collections for several years. In the end, this extinguished potentially half of his overall tax liability moving forward.