Offer in Compromise Program and JK Harris Help Family Gain New Start
NORTH CHARLESTON, SC (ContentDesk) October 27, 2004 -- Samuel Mathes had worked hard to build a successful business and a comfortable life for his family in Iowa until he found himself in the middle of a financial nightmare."Our world of financial success was turned upside down very quickly with a series of events we could not control," said Mathes.
"I saw an ad in the newspaper from JK Harris & Company ? ?they could help'.
I was always treated with respect, and my issues were handled promptly and professionally.
I always knew I had wise backing."Mathes' misfortune started when the Iowa Department of Natural Resources told him that his wastewater lagoon in Chariton, Iowa, did not meet standards and that he could build a new one at a cost of $600,000 or he could tie into the city sewer system.
He chose to tie into the Chariton system, but the cost was $350,000.Then his top customer substantially cut the mileage rate they were paying to Mathes' company, which had more than 100 employees on its rolls.
Another customer cancelled a major contract.
Then Mathes decided to lay off a number of employees and even cut his salary in half, and then to zero.
Still, he found himself in a hole he couldn't escape.With the help of JK Harris, the nation's largest and most successful tax resolution firm, Mathes began the road to recovery.
He met with a JK Harris representative and found out that he might be able to lift the burden of a $260,000 tax bill if he qualified for the IRS' Offer in Compromise (OIC) program.
"That's when I called JK Harris," Mathes said.
"I didn't want to give up my business, but I had no choice.
The bills were piling up, and nothing I tried to do would help."Mathes contracted with JKH to prepare and file an OIC. An OIC is accepted when it is unlikely that the tax liability can be collected in full and the amount offered reasonably reflects collection potential. The ultimate goal is a compromise that is in the best interest of the taxpayer and the IRS. Acceptance of an adequate offer will also result in creating, for the taxpayer, an expectation of a fresh start toward complying with all future filing and payment requirements.
The Offer in Compromise settlement can take two years or longer depending on the complexity of the taxpayer's case.Mathes then sold all the assets of his corporation, and also sold off all of his personal assets at the recommendation of Charlie Spicer, JK Harris' Licensed Taxpayer Representative assigned to the case."It was plain to me and the IRS revenue officer that Mr. Mathes was an honest man who found himself in a deep hole and needed help," Spicer explained. After many trying moments, this past August, Mathes was informed that the IRS accepted his offer.
The $260,000 that he owed was settled for $32,000."I was told up front by JK Harris that I could expect the process to take some time to be resolved because of government red tape," Mathes said. "I could not imagine that it would be so complicated, and it would have been terrible to not have competent representation.
JK Harris & Company helped me every step of the way."Mathes now lives in Camdenton, Mo., with his wife, Deb.
He is employed at a local lawn and garden shop, but is preparing to start a construction company thanks to the new start that he now has been able to build for himself."JK Harris told me it would be one up front price," Mathes said.
"That was crucial. JK Harris stuck with me the whole time and never charged me another penny."JK Harris & Company, LLC, based in Charleston, S.C., is the nation's largest tax resolution company with over 450 locations in 46 states and has retained over 120,000 clients since its founding in 1997 by John Harris.
JK Harris also provides services for consumer and commercial debt (JK Harris Financial Recovery Systems, LLC), student loan debt (JK Harris Debt Negotiation Services, LLC), investment fraud (JK Harris 165 Services, LLC), financial planning and business valuations (JK Harris Advisors, LLC), small business services (JK Harris Small Business Services, LLC), mortgage services (JK Harris Mortgage Services, LLC), tax return preparation, and assisting individuals who require support for an IRS audit..
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IRS Fails as a Tax Adviser
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