With a collective experience of 250+ years, our qualified team has spent the better part of our lives crunching numbers and lending intelligent strategies to businesses and individuals. With prior experience in a similar case, one of our partners quickly arrived at the right strategy for this problem, which hinged on having the proper knowledge to ask the IRS the right questions while requesting the correct paperwork (using the corresponding forms and knowing their pain points) and where to find the specific solutions in the Tax Code.
The solution here was buried deep in the tax code which entailed eliminating a massive portion of the taxable gains when selling a specific type of property that qualifies for special tax treatments. The previous accountant had missed vital aspects of reporting this type of sale to the IRS.
The second aspect we challenged was the amount of time the IRS had spent on the case. Once we reviewed the requested case file, it was evident that the agent on the case could not have come to this conclusion in the timeframe listed in the case. Upon our challenge, the IRS appeals committee agreed with our stance and immediately dismissed all fees and late charges. In addition, on receiving our revised documentation regarding the sale of Sanjay’s hotels was also accepted as a special treatment sale, eliminating the entire $2.5M tax liability.
Although this was a drawn-out process that lasted over six months, Sanjay never had to return to the United States to appear for any meetings or depositions. Weston Tax Associates still represents Sanjay in all his current entrepreneurial endeavors and is one of our best ambassadors worldwide.