Offer in Compromise

Ashley and Charles had a lucky streak at a casino. However, when it came time to file for taxes that year, their lucky streak ended up costing them with a tax bill they could not afford with the State of Michigan. Ashley is a full-time student so that left them with little funds to spare. We negotiated with the State of Michigan and we were able to settle their tax debt for $2,000, a savings of $14,944.

Ashley felt relief when she heard the encouraging news; in fact she had some words of praise for Franskoviak Tax Solutions, P.C. “You guys [Franskoviak Tax Solutions, P.C.] helped us out a lot! Everything went so well, we were in a tough spot. It took a load off of my mind.”

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Owed: 16,944.00 Settled: 2,000.00 ~ 1 Year

Offer in Compromise

Phillip C., a 20 year member of the Detroit Police force, and a single parent, had gotten into some tax trouble. Unfortunately, the IRS Revenue Officer assigned to his case was threatening to garnish wages and seize his bank accounts if he didn’t come up with a large sum of money.
Phillip was very concerned, because he supports and raises two children, leaving him with not a lot of monthly cash flow to make the large payments the IRS was demanding. With his financial situation he would qualify for an Offer in Compromise as part of the IRS’s Fresh Start Program. After renegotiating with the IRS we were able to get his debt settled down to $13,560.72.

“Calling you guys was the best decision I ever made. I will recommend you guys to anyone. Your service was great and you thoroughly explained all the pro’s and con’s. I learned a lot very quickly about the IRS in a short period of time, the process was fully explained which made me very comfortable about my decision. Everything was excellent, emails answered promptly, atmosphere was nice, staff was welcoming and coffee was tasty too!”

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Owed: $135,525.76 Settled: $13,560.72 ~ 15 Months

Partial Payment Installment Agreement

Jimmie B. owed $145,477 in back taxes to the IRS for failing to file and pay his 2002 through 2011 income taxes. Jimmie feared of IRS collection actions including asset seizure and levy. Our team of tax specialists immediately went to work and negotiated a Partial Payment Installment Agreement with the IRS, of $333 per month for the statute of limitations, or approximately 120 months.

The amount paid back to the IRS after that time will come to a total of $39,960. The Franskoviak team of tax specialists saved Jimmie $105,517; equaling 72% of the original amount owed.

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Owed: $145,477 Settled: $39,960 ~13 Months 

Offer in Compromise ~ 9 Months

Steve is a Real Estate professional, and unfortunately owed back taxes for several years because he didn’t pay quarterly estimates. Also because of the Real Estate downturn, his income had decreased over the last several years. Steve owed the IRS $159,847 for the last seven years, and was unable to make the monthly payments the IRS demanded. We filed the Offer in Compromise, and we were able to settle his tax debt of $159,847 for only $12,498, a settlement rate of only 8%.

“The people that worked on my case did an excellent job of negotiating, knowing the rules, and updating me along the arduous process. They helped keep the stress down that was pretty intense. Thank you to the Franskoviak team!”

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Owed: $159,847 Settled: $12,498

Offer in Compromise

Small business owner that ran into some financial trouble and had to file bankruptcy, he had a large capital gains taxes, penalties and interest owing from the sale of real estate and a subsequent IRS exam, we settled the debt for a $573,000 savings.

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Owed: $778,000 Settled: $205,000 ~ 17 Months