IRS accepts $0 monthly payment!
After getting behind in paying several years’ worth of back taxes, a taxpayer decided to face her debt head on. Although her current situation left her making only a fraction of her past salary (and little to nothing left at the end of the month), she bravely reached out to the IRS to address her mounting $79,000+ in back taxes. The IRS demanded a monthly payment of $800 – she simply could not afford this size payment and attempted to negotiate a lesser amount. The IRS would not budge. They threatened her with levies and wage garnishments. She was at her wits end! At the suggestion of a friend, she reached out to Hayes Financial. After a thorough assessment of the taxpayer’s financial condition, Hayes Financial was able to prove that the taxpayer qualified for currently not collectible status, essentially closing her collection case and resulting in NO required payments against her tax debt. This successful negotiation provided much needed breathing room and allowed the taxpayer to effectively manage her cash flow and LIVE! And we’re not done yet – just wait to see what we’re doing next…you won’t believe your eyes!!
$2,000 saved from the clutches of the State!
A taxpayer was referred to Hayes Financial, by their trusted accountant, to help resolve a tax issue that had been moving nowhere for months. The Taxpayer owed $2,000 to the NC Department of Revenue for her 2011 return. The taxpayer was confounded as to why the State was assessing an additional $2,000 against her. She tried calling the State to resolve the issue but they simply would not provide her with an easy to understand justification of the additional assessment, all the while insisting that she owed and must pay the $2,000 or face collection activity. After a thorough investigation by Hayes Financial, it was determined that the taxpayer did owe the state some money – but only $104!! HFTS successfully represented the taxpayer, reducing the liability from $2,000 to $104, with all previously assessed penalties abated (waived). Taxpayer was beyond delighted at hearing the news!
Reduced installment agreement frees up $1300 in cash, every month!
After years of under-withholding taxes (not enough tax was being withheld from their paychecks, as they were claiming 11 allowances when it probably should have been closer to 2) and hoping the resulting tax bills would go away, a married couple realized they owed the IRS over $91,000 in taxes, penalties and interest. A previous installment agreement had been terminated by the IRS – the IRS agreed to set up a new one only if the couple agreed to pay $1,500 a month (previous agreement was for $963). This just wasn’t feasible as they were already stretched to pay the previous amount. After a number of months negotiating on their own with the IRS, and their requests for reduced payments being denied the couple turned to Hayes Financial. After much negotiation (and citing code and their own manual sections to IRS agents!) we were able to reduce the monthly payment from $1500 to $200. This gave the couple much needed time and peace mind to reassess and reorganize their finances without cash flow being crushed.