Case Study: Corrected inaccurate tax liability of $200k

Corrected Inaccurate Tax Liability of $200K

A client was referred to assist with IRS representation due to a large tax bill where they owed IRS over $170,000 and state $50,000. Upon reviewing the tax returns, I identified the following issues:

  • Returns understated actual business expenses incurred on Schedule C.
  • All rental activity and losses that we calculated was not reported.
  • Based on calculations to correct the return, it was possible that the tax liability would reduce by at least 60%.
  • Advised client not to engage in representation and allow us to go back 5 years to amend the returns.
  • By amending the returns, federal taxes resulted in a REFUND of over $10,000 and state REFUND of $3,200.
  • The client no longer required representation services.
  • We also incorporated the Schedule C business to maximize future tax savings.
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