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IRS Accepts Offer in Compromise for Less Than 9% of Amount Owed
In a recent success, Attorney Sherman prepared an offer in compromise, which was accepted by the IRS. Sherman’s client owed in excess of $120,000 and the IRS agreed to a settlement of just $10,500 – less than 9% of the amount owed!
The taxpayer owed in excess of $120,000 to the IRS, but according to the terms of the offer in compromise proposed by Attorney Sherman and accepted by the IRS, the taxpayer will only be paying $10,500 as a full settlement, or otherwise less than 9% of the amount owed.
The taxpayer had previously been represented by other counsel and had become embroiled in a heated battle with the IRS over the bookkeeping of his business. The IRS began looking at everything the taxpayer had done for a number of years, sending out numerous summons and subpoenas.
Once The Law Offices of Stuart Lee Sherman, PC took over the case, Attorney Sherman calmed the tensions between the IRS and his client and went to work resolving the underlying issues. Once settled, Attorney Sherman recommended to submit an offer to settle the outstanding liability and the client agreed to this solution.
In another case represented by The Law Offices of Stuart Lee Sherman, PC, a taxpayer represented by the firm just completed the terms of his offer, which was accepted in February. Sherman’s client owed the IRS just under $50,000 and paid $18,000 in a full settlement. The taxes were for the trust fund recovery penalty for unpaid payroll taxes as a result of a failed business owned by the taxpayer.
Attorney Stuart Lee Sherman earned his bachelor’s degree in accounting with high distinctions from Indiana University in Bloomington, Indiana in 1987, and his juris doctorate degree from Wayne State University in Detroit in 1990, graduating cum laude. After law school, he received his LL.M. in taxation from New York University School of Law in 1991. He is admitted to the State Bar of Michigan, the State Bar of Illinois, the United States Tax Court, and the United States District Court for the Eastern District of Michigan.
Attorney Sherman represents clients in their tax and estate planning matters throughout Oakland County, Michigan. Attorney Sherman possesses over 20 years of experience, he is selected to Michigan’s Super Lawyers®, and he has an Excellent Avvo Rating. He has served as the mayor and is currently serving as the commissioner for the City of Birmingham. To speak with Attorney Sherman regarding a tax or estate planning matter in a free case evaluation, please call (248) 919-8029, or visit the firm’s website online at http://www.slshermanpc.com/.
The Law Offices of Stuart Lee Sherman, PC