Tax Lien Resolution & Expungement

Over $1 million in tax liability resolved by Offer in Compromise

 

Expungement Award Date: March 10th, 2021
FINRA Hearing Site: N/A
FINRA Respondent Firm: Internal Revenue Service (IRS)
FINRA Claimant Representative: Dochtor Kennedy, MBA, JD; AdvisorLaw, LLC


Type of Expungement Case:

A financial advisor accrued $1,106,032.35 in IRS tax liability from multiple years. The advisor hired AdvisorLaw to resolve the liability by Offer In Compromise and remove the tax liens.


Summary of FINRA Expungement Case:

The advisor submitted an Offer In Compromise proposal to the IRS with all necessary forms and supporting documents. A financial statement was compiled over months using a number of sources provided by the client. The proposal was initially denied on the basis that our client could full-pay based on the assets and future income. Undeterred, AdvisorLaw submitted a response with additional information and calculations.

Following our response, the IRS agreed that our client could not full-pay the liability and provided a counter-offer, which the client accepted. While the advisor made significant monthly revenue from his book, the liability was far too great to have paid-in-full, according to IRS guidelines. Due to AdvisorLaw’s experience in the tax resolution industry, we were successful in navigating the Offer In Compromise process to procure a major win for our client.


Results:

The IRS agreed to an Offer In Compromise for $132,804, saving our client $973,228.35. The tax liens issued by the IRS will subsequently be removed from the public record and the advisor’s BrokerCheck report. AdvisorLaw’s efforts will expedite both actions.

Now that the IRS has accepted the Offer In Compromise, the advisor can sell his book to a colleague, a transaction that has been on hold for more than a year. The buyer has been hesitant to complete the transaction while the IRS liens have been present.




Contact us to discuss AdvisorLaw's Tax Lien Expungement & Resolution services. The consultation is complimentary, and our services were created exclusively for financial advisors.