Tax Returns

 

Delinquent Tax Return Preparation

 

Audit Representation

 

Tax Debt Resolution

 
  Contact Us   Tax Returns   Delinquent Tax Return Prep   Audit Representation   Tax Debt Resolution  
 

 

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8045 Corporate Center Dr.,
Ste. 300
Charlotte, NC 28226

704-759-3900

 

 

 

 

   

Success Stories

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1.  Business Bad Debt Deduction

Client’s tax preparer was not willing to deduct losses for tax savings. Their client came to us. We took the deductions for business bad debts, explained the deductions to IRS and client received approximately $105,000 in tax refunds. This case involved two corporations and one individual tax return.
 

2.  Net Operating Loss Carry-forwards and carry-backs

A land assembler had large income in 2 years and losses in 4 years. Through Net Operating Loss Carry-forwards and carry-backs we were able to save this client approximately $38,000 in tax. This reduction enabled client to pay in full.
 

3.  Caregiver/Small Businesswoman

A former Officer Manager took over a small business (Post Office Facility in a retail strip shopping center) at the request of her boss. The Post Office Facility was located in the boss’s small shopping center. This is where this businesswoman’s tax problems began. She didn’t file in 1998 because of not having some documents that she needed for complete information. The next year she hadn’t solved the problem for 1998 so she didn’t file again.

Meanwhile she worked several “non-employee” type jobs (which did not withhold taxes) over the next several years because of the failure of her small business. Among all this chaos she simply stopped filing tax returns.

When we met her in the latter part of 2008, the last returns she had filed were for 1997.

We filed the 10 years federal and state tax returns for her and David’s company (D. G. Yarborough, Inc.: www.dgy-Inc.com ) helped her with managing the tax debt resulting from filing the returns. She is on track now so that she will not get behind again.

Her tax debt for the years 1998 through 2008 will be settled for less than is owed on the tax returns and she will be back into the system and in control of her future because of getting back into good standing with the taxing authorities.

We are continuing to help her stay on track with her tax matters and she is clearly in control of her future and is enjoying the absence of stress that was associated with her non-filing status.
 

4.  Tax Return Preparer Referral to Us

A Tax Return Preparer was handling an IRS audit for his client. The audit had gone on for more than 18 months. The IRS had arrived at substantial tax due. The Tax Return Preparer asked us to review the proposals made by the IRS auditor. After identifying errors in the IRS position we proceeded to negotiate with the IRS on behalf of the client. After only two months we were able to reduce the amount due to the IRS as a result of the audit by over $97,000. We wrapped up the audit quickly and our client paid the amount of tax due and moved on with his life with a lot more of his hard earned money in the bank than would have been the case had we not gotten involved.

This client was audited and he was initially represented before the IRS by his tax return preparer. The IRS proposed large adjustments that the client did not agree with. After the tax return preparer did all he could do to get the IRS to “back off” of the adjustments, the tax preparer referred the client to us. The end result was the IRS reduced the taxes, penalties and interest by $ 85,000 because of our involvement in the audit.
 

5.  Un-filed Tax Returns

Client did not file tax returns and IRS filed for this client. We filed corrected returns and reduced the tax by approximately $60,000.

A corporation, had not filed corporate or payroll tax returns since 1993. IRS demanded returns. Client’s tax preparer was unable to complete returns within time-table given by IRS. CPA referred the client to us. We stepped in and completed all returns for client.

A Land Assembler, had accumulated land parcels to sale to developer. IRS was threatening to seize the proceeds of the sale if 9 tax returns were not filed. We prepared and filed the returns and the sale went through without IRS seizing any of the proceeds.

Clients had IRS debt from payroll taxes and were non filers of business and personal tax returns from 2005 forward. IRS was not willing to work with the clients as long as they were not current with their filings. During this time frame, the client’s corporation shut down and they started operating their business as a sole proprietorship. We were hired to prepare the delinquent returns. We prepared a corporate return for 2005 and 2006 (the corporation shut down this year), and individual returns for 2005 through 2008. We handled the transition from the corporation to the sole proprietorship in 2006 for the clients and got them up to date with their filings. The IRS was then willing to work with them regarding their delinquent balances and they were able to get that resolved because the returns were now filed.

Client is a distribution company of boiler systems and parts. Client came to us as a non-filer of payroll reports and corporate tax returns and owes IRS for taxes. We first completed all the payroll reports that were delinquent. We then prepared the required corporate tax returns. He is now current with his filings for the first time in 10 years and we will continue to keep him current with the taxing authorities.
 

6.  Un-filed Returns - Real Estate Land Parcel Consolidator
 

A career Real Estate “Land Parcel Consolidator” focused on acquiring land parcels to provide for development of larger commercial projects at high traffic intersections. Back in the mid 1980’s he acquired a couple of land parcels that were titled in his corporation’s name.

In 2008 he was planning to sell one of the corporate land parcels and during a title search the closing attorney discovered that the corporation was not in good standing with the North Carolina Secretary of State, therefore, could not give a clean title to the potential buyer.

It turned out that the last corporate tax return had been filed in 1990. In order for the North Carolina Department of Revenue to give a tax clearance letter to the Secretary of State, the state returns were required to be filed.

Our client needed:

  • Corporate tax returns prepared for the 17 years,

  • A tax clearance letter sent from the North Carolina Department of Revenue to the Secretary of State and

  • A Certificate of Good Standing from the Secretary of State.

And, of course, time was of the essence.

We gave top priority to getting the tax returns prepared and were careful to maximize the tax advantages to the corporation. We did this by resolving tax law interpretations in the corporations favor and maximizing the loss carry back and carry forward provisions in the tax law so that years with tax due were advantaged by carrying available losses into those years which reduced or eliminated the tax in those years.

While preparing the returns we alerted the North Carolina Department of Revenue and the Secretary of State’s offices to expect the returns and help us with a quick turn around.

We were able to get the North Carolina Department of Revenue to provide the tax clearance letter to the Secretary of State the same day the returns were provided to them. The Secretary of State provided the Certificate of Good Standing the same day also because of our advance coordination with these state authorities.

It turned out that the real estate closing took place and the corporation is back in good standing with the taxing authorities. We are continuing to keep the corporate returns current to avoid these type challenges in the future for our Real Estate Consolidator Client.

 

     

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