Client Case Studies

The taxpayer increased business gross receipts by $600,000 from the prior year, and Tom developed a tax plan to save the taxpayer $56,757 per year in federal income tax.

The taxpayer had not filed federal or state income tax returns for over 30 years. Tom worked with the taxpayer and got him in filing compliance with both the IRS and state.

The IRS proposed $142,540 in tax and penalties by denying the taxpayer’s foreign earned income exclusion along with other small changes. In the U.S. Tax Court, the IRS settled the case for $4,351 in tax and penalties, saving the taxpayer $138,189.

The IRS assessed $10,213 on a joint return due to omissions by the taxpayer’s ex-spouse. The state later made an assessment based on the IRS change. The taxpayer was held not liable for both the federal and state tax debts, and received a state refund that was previously offset to pay down the state tax debt.

Married taxpayers owed $38,881 in unpaid federal taxes over multiple tax years. The IRS settled the tax balance for $2,700, and Tom worked with them for the next five years to maintain their settlement agreement.

The IRS asserted $20,000 in penalties for late filing foreign trust returns. The IRS abated the penalties in full, saving the taxpayer $20,000.