Resolved: $118K Liability for Oilfield Services Company Published December 15, 2022
Tax Guard successfully resolved an IRS liability of $118,000 for an oilfield servicing company through an installment agreement with monthly payments of $1,855. The business originally fell behind when its bookkeeper experienced health issues and took an unexpected leave of absence. Initially, the Revenue Officer was unresponsive, causing unnecessary delays that threatened the funding relationship. However, Tax Guard understood the sense of urgency and its persistence resulted in a favorable resolution, allowing the business to continue factoring with Diversified Lenders, Inc. (Diversified).
Courtney Justice, an Associate with Tax Guard:
- Prevented the IRS from levying bank accounts and accounts receivable,
- Negotiated an installment agreement with a payment of $1,855 per month,
- Successfully abated (removed) Civil Penalties of approximately $25,000, and
- Obtained a subordination of federal tax lien to protect Diversified’s interests and preserve the funding relationship.
“When we learned that our bookkeeper didn’t pay our taxes, we thought our factoring company was going to cut us off. Thankfully, Diversified recommended Tax Guard,” said the business owner. “It felt like Tax Guard was more interested in getting a resolution than the IRS. And they arranged monthly payments we could actually afford. They even reduced our liability by $25,000.”
“The tax issues arose during the pandemic. We knew our funding was crucial to the business’s cash flow and survival. We’ve worked with Tax Guard for years because they keep us informed and solve our customers’ tax problems. They do what others can’t,” said Shelly Jones, Compliance Specialist with Diversified.
When federal tax issues arise, don’t wait for the IRS to file a tax lien or issue levies. Be proactive. Fill out the form below to speak with a specialist.
