When a Serial Entrepreneur in San Francisco found himself over-extended due to the recent recession and with serious IRS back debt due to back taxes owed, he came to the Tax Resolution Institute to save both his personal fortune and his reputation. By taking what could have turned into a major public and personal tax debt disaster with an IRS tax lien and eventual IRS tax levy, the tax resolution specialists at TRI, including our experienced IRS tax attorneys and IRS tax lawyers, were able to negotiate a combination of both an Offer in Compromise and an Installment Agreement to cover the multi-layered back income tax bill. By employing a variety of effective methods, TRI allowed the serial entrepreneur to continue to be an example of the American dream realized beyond the demands of the largest collection agency in the world, the Internal Revenue Service.
The American dream is a reflection of the entrepreneurial spirit expressed in the business world. By creating opportunity and transforming potential ideas into viable realities, the entrepreneur allows America to continue to prosper and expand its thriving consumer-based economy. A serial entrepreneur is not satisfied with a single successful venture, but rather moves from one venture to another, creating and investing in a road map of business ventures that eventually can turn into an empire. Often, a serial entrepreneur walks a fine line between capital and costs, investing the profits from one venture into the vision of the next.
The Serial Entrepreneur in San Francisco is a perfect example of such an important figure in the California economy who was caught in the sudden vise of the economic downturn. When the recession hit, several of his ventures went into the red at the same time while other new deals already invested in fell through, leaving the entrepreneur holding the bag. Although he was able to cover most of his debts, he found himself with a huge back income tax debt on income that no longer even existed. Even if the recession had wiped the income off the proverbial table, the Serial Entrepreneur still had to pay off a huge income tax bill. When his available funds dried up, he found himself with a looming delinquent tax bill and the IRS calling his office and his home, looking for answers.
Luckily, the Serial Entrepreneur came to the Tax Resolution Institute and our tax resolution services specialists knew just how to handle his income tax case. Since the taxes owed were from different revenue streams, a multi-layered deal was able to be negotiated. First, an Offer in Compromise settled well-over half of the tax bill, saving the Serial Entrepreneur a lot of money and keeping his name out of the papers. By avoiding a tax lien and eventual tax levy, his reputation remained stainless and his anonymity protected. For the remaining portion of the back income tax bill, a tax attorney at TRI negotiated an Installment agreement that covered the rest of the back tax debt and allowed him to pay his delinquent tax bill over a reasonable period of time. Today, the Serial Entrepreneur is back on his feet and helping California to recover from the recession and enter the forefront of American success stories.
IF YOU ARE IN NEED OF TAX RESOLUTION SPECIALISTS TO SETTLE A BACK IRS TAX DEBT, CONTACT THE TAX RESOLUTION INSTITUTE TODAY FOR A FREE CONSULTATION BY CALLING TOLL FREE (877) 829-8370! ONLY TAX ATTORNEYS AND CPAS WILL HANDLE YOUR CASE!
About Peter Y. Stephan
Peter Y. Stephan, executive director of the Tax Resolution Institute, has been helping people resolve large, complex payroll tax problems and personal income tax problems for over 25 years. Peter has written a book "The Ultimate Tax Resolution Guide" and speaks on Tax Resolution topics frequently.