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HOW WE HELPED TURNED $15,014 in Taxes Into a Refund of $9,004 (COLUMBIA)

license info: Certified Public Accountant

I just wanted to share with you how we turned $15,104 in taxes into a refund of $9,002 on behalf of one of our clients.

Mortgage loan forgiveness from the bank shouldn’t be taxable. Don’t be a victim in the hands of an incompetent tax preparer!

We signed up a client last year whose tax preparer reported his mortgage loan forgiveness as a taxable event resulting in a tax liability of ~ $15k.

He filed an amended tax return to correct this error but it was rejected by the IRS.

This client had made several attempts to resolve this dilemma on his own with his tax preparer but couldn’t get it resolved.

When we took over his case, we attempted to get the amended tax return re-examine but it got rejected by the IRS.

We later submitted an Offer in Compromise Doubt As To Liability explaining his circumstances citing the applicable tax laws; it got rejected again.

We got the taxpayer advocate involved. The taxpayer advocates are known as 911 for resolving arguable disputes. Still no resolution.

Finally, we got his case through an appeal with all the factual documents. BOOM Finally, the appeal officer approved the case and authorized the issuance of the $9k refund.

The appeal officer apologized to my firm that the IRS reviewer rejected the amended tax return for the wrong reason. Yes, they can be wrong too! Not surprised at all.

That’s the extent we go through sometimes to get some of our cases approved by the IRS.

If you engaged your tax preparer to resolve your tax problem, oftentimes tax preparer who doesn't primarily offer tax resolution would not have the right approach to resolve complex tax issues.

The majority of our cases get through the appeal process which unlicensed tax preparers are not authorized to do.

If you receive mortgage loan forgiveness, it is very important for you to know it is NOT TAXABLE. The bank would issue a 1099 cancellation of debt to the IRS. Your tax preparer must accurately report on your tax return via form 982.

I hope you learn a thing or two from this write-up. If you do, please feel free to share.

Schedule Your FREE Consult With Me & I'll Help You Determine The BEST Way To Get Your Tax Debt Reduced As Fast As Possible. You can book your call by using this link: www.bernicehassancpa.org/calendar

You can also call 240.463.9019 or email: bernice@bernicehassancpa.com

I look forward to speaking with you and help you resolve your tax issues.
  • do NOT contact me with unsolicited services or offers

post id: 7127662988

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