North Charlston, S.C. (PRWEB) September 9, 2007
If you keep a sprinkler running for too long without attending to it, eventually the ground is going to get soaked and the water is going to begin to build up. The concept is the same when it comes to running your own business and not making your Estimated Tax Payments to the IRS.
Unfortunately, Steve Medina of Lakewood, CO, found that out the hard way. Medina owned a sprinkler company but failed to pay his Estimated Tax Payments for two years. Before he knew it, he owed the IRS $82,300 and his bank account was being levied.
That's when Medina came to JK Harris & Company for help. The nation's largest tax resolution firm shut off the collection hose, so to speak, and got Medina placed in "Currently Non-Collectible" (CNC) status and had the levy released.
CNC basically allows taxpayers to make no monthly payments to their delinquent tax debt due to minimal income to provide for themselves and their family. The CNC is reviewed by the IRS on a regular basis, and the client's status can be changed back to "Collectible" if there is any change in the client's financial situation. Penalties and interest continue to accrue while the client is in this status.
"They were very professional and understanding," Medina said of JK Harris. "I was very pleased with the way they handled my account with the IRS."
Once Medina was placed in the CNC status, his Case Specialist was then able to submit an "Offer in Compromise" (OIC) to the IRS. An OIC is an agreement between a taxpayer and the IRS that resolves the taxpayer's tax debt. The IRS has the authority to settle, or "compromise," federal tax liabilities by accepting less than full payment under certain circumstances.
The IRS rejected the initial Offer of $9,760. However, JK Harris representatives filed an appeal with the Appeals Office. Medina attempted to borrow money to pay the debt but was rejected. He provided JK Harris with bank rejection letters, which were then forwarded to the Appeals Officer, who overturned the Offer rejection and accepted the original offer amount.
"I recommend them very happily," Medina said of JK Harris.
About JK Harris:
JK Harris & Company, LLC, (http://www.jkharris.com) based in North Charleston, S.C., is the nation's largest tax resolution firm and has served over 200,000 customers since its founding in 1997 by John K. Harris. JK Harris consultants are available to meet with consumers in over 425 locations nationwide by appointment only. The company also provides services for student loan debt, investment fraud, fee-based financial planning, tax return preparation, and audit representation.