Ms. Driver lost her job and had to cash in her 401K to cover her living expenses. At the time she cashed in the 401K, she requested the investment firm withhold all penalties and taxes, before she received her portion of the funds. What she didn’t realize until it was too late, was the firm only withheld the penalties. That’s when she turned to JK Harris and Company, LLC, the nation’s largest tax representation firm, for help with her tax problem.
“Needless to say, I owed a bundle!” said Driver of her back tax debt. “The penalties and interest alone were close to $60,000. I had no hope of ever repaying that amount.”
The tax team at JK Harris analyzed Driver’s financial position and presented her with a Professional Staff Report. This report is designed to analyze a client’s tax debt, their financial situation and then it helps determine - based on criteria set forth by the Internal Revenue Service - what form of resolution the client may qualify for with the IRS.
Based on Ms. Driver’s situation, the analysis determined she could qualify for an Offer in Compromise. The IRS’ Offer in Compromise program is designed to help taxpayers in Driver’s situation by allowing them to resolve their debt by accepting less than full payment, under certain financial circumstances.
JK Harris was able to negotiate an Offer in Compromise for Ms. Driver, shaving her tax debt down from $51,749.18 to $3,735.
“JK Harris held my hand through the whole ordeal,” Driver said. “Thanks to JK Harris, I got my life back. I have and will continue to recommend JK Harris!”
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JK Harris & Company, LLC, (www.jkharris.com)