Non-filer Case -- 20 years unfiled -- IRS levies $194,000 in brokerage accounts..what to do?
by
Jay Freeborne, Enrolled Agent
We wanted to give a small snapshot of a case we took on from a blog reader one month ago. This gentleman hadn't filed tax returns in over 20 years. The IRS prepared returns for him and then levied his stock portfolio for the $194,000 that they claimed that he owed.
We had a short period of time to get the levies released. So our tax preparation office worked their butts off. This gentleman owed so much due to heavy trades on his stock portfolio and the IRS of course NOT factoring in the basis of what paid for the stocks in their preparation of the returns for him (Substitute for Returns - SFRS).
Well, we got the levy released and are still working the case. Here's a direct quote from that client:
" I just find it unfathomable that you got ALL the levies lifted AND the IRS isn't requiring some kind of advance down payment. It seems that if the IRS were to be prudent they would maintain a levy on some amount as collateral but they lifted everything. Can you part the Red Sea as well?
I just wanted to drop a note that the fee that I paid you has been worth it and coming from me, you must realize how profound that statement is. I paid $14,000 for my second home (in the Midwest)!"
Well, our company functions from a place of urgency when a levy needs to be lifted. WE were honored to get this email from him.
For 30 years, WATAX has been solving every kind of tax problem. If you want an honest, no-pressure analysis of your case, Call us at 1-888-282-4697 or email us a description of your tax issue and we'll contact you.
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