A local South Bend, IN physician with multiple offices was in a real pickle. He had a poor history of filing the company's payroll tax forms. The physician had an even poorer history of making the payroll tax deposits.
When the physician called our office he had just been contacted by a Revenue Officer. The Revenue Officer wanted the company's filings to be current and she wanted to know how the debt was going to be repaid.
Tax Matters Solutions, LLC, filed nearly a decade of payroll tax filings. Our office had the returns prepared within weeks of being engaged by the physician. We filed the returns and started working on the taxpayer's Collection Information Statement. The company had no ability to repay the debt. Currently, the Revenue Officer has the account placed in currently not collectible.
Our engagement did not stop at this point. After discussing the physician's business practices, Tax Matters Solutions, LLC determined that the physician's books and records needed serious work. The books and records did not correctly represent the company's financial situation. After several months of discussing and planning, Tax Matters Solutions, LLC started a complete overhaul of how the company maintains its books and records.
The physician still owes a large balance to the IRS, but Tax Matters Solutions, LLC has given him a chance to succeed. The physician now has time to rebuild his business and his books and records will reflect the results from operations. •