/24-7PressRelease/ - NORTH CHARLESTON, SC, September 27, 2007 - When you reach the age of 60, many might say you have reached the "Golden Years."
Unfortunately for Howard Frankel of Sarasota, FL, those years weren't so golden, until he came to JK Harris and Company for help. The nation's largest tax resolution firm helped reduce the 63-year-old's $15,000 tax debt to $500.
Frankel, who is legally blind and has kidney failure and diabetes, was unable to file his tax returns on time for 2000 through 2005. And the IRS had levied his bank account. Being that he was not able to work and had no other income, Frankel had been using the money in his bank account from his retirement distribution for his living expenses.
"Due to illness, I was unable to work, and I was living off of a small savings account," Frankel said. "I was getting threatening letters from the IRS, and they put a levy on my life savings that would have wiped me out and left me penniless."
That's when he called JK Harris. JKH prepared his tax returns and successfully had his levy released. Frankel contracted for an Offer in Compromise. An Offer in Compromise is an agreement between a taxpayer and the IRS that resolves the taxpayer's tax debt. The IRS has the authority to settle, or "compromise" federal tax liabilities by accepting less than full payment under certain circumstances.
Because Frankel was unemployed and living off his savings, JK Harris representatives decided an Offer in Compromise based on an Effective Tax Administration would be best for him. To be eligible for an Offer on this basis, the taxpayer must demonstrate that collection of the tax would create an economic hardship or would be unfair and inequitable.
"We presented all the doctor bills and statement of his illness to the IRS," said Frankel's Case Specialist.
And within three months of the Offer being submitted, it was accepted, saving Frankel $14,500.
"I contacted JK Harris, and they immediately got the levy lifted and settled my case for thousands of dollars less," Frankel said. "They were pleasant and respectful and kept me informed throughout all deliberation. I would heartily recommend them to others."
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