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Samuel Mathes was the owner of a trucking business in Iowa who had built a successful company and comfortable life for his family when he found himself in the middle of a financial nightmare.
Mathes' money woes started when the Iowa Department of Natural Resources told him that his wastewater lagoon was not up to code and that he needed to build a new one at a cost of $600,000 or tie it into the city sewer system for a cool $350,000.
Mathes chose the latter, but soon realized that his misfortune was only starting. In quick succession, he lost a major customer contract, saw his revenue from another client dwindle and was forced to lay off several people from his 100-person payroll.
Then Mathes reached the nadir of financial despair when he realized that his federal tax bill added up to a colossal $260,000 and he didn't have the means to pay.
"Our world of financial success was turned upside down very quickly with a series of events we could not control," Mathes said.
Faced with bankruptcy and other legal dilemmas, Mathes turned to JK Harris, the nation's largest tax-resolution company, for help. A JK Harris representative told Mathes that the burden of the tax bill could be partially alleviated if the IRS accepted his Offer in Compromise, or OIC.
The IRS accepts OICs when it is unlikely that the tax liability can be collected in full. The ultimate goal is a compromise that is in the best interest of the taxpayer and the IRS.
Mathes chose to contract with JK Harris to prepare an OIC, seeing it as his only chance to get relief. Months later, the IRS accepted his offer: The $260,000 he owed was settled for just $32,000. Now Mathes is trying to make a fresh start by opening a new construction company.
Every day, JK Harris helps people in financial trouble get back on their feet. Its staff includes former IRS agents, CPAs, attorneys and other experts who can help ease any immediate tax crisis. They serve as taxpayers' allies, attempting to identify and negotiate the best and most favorable ways of settling tax debts.
To learn more about the various services offered by JK Harris, call (888) 879-6507 or go to www.settlebacktaxes.com. -NU |
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